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AAA: Despite rising temperatures, gas prices maintain temperatures

AAA: Despite rising temperatures, gas prices maintain temperatures
AAA: Despite rising temperatures, gas prices maintain temperatures


photo by Erik Mclean on Unsplash

VIRGINIA BEACH This week saw another drop in gas prices as the national average for a gallon of gas fell two cents since last Thursday to $3.46.

AAA pointed to low gasoline demand and increasing supply as the main reasons for the decline.

Gasoline demand has lagged 2023 levels for most of this year, and analysts say economic uncertainty could suppress demand this summer, said Ryan Adcock, a spokesperson for AAA Tidewater. So, is the typical robust summer driving season a thing of the past? Or is gas demand simply taking longer to pick up speed? We may not know until the fall.

According to new data from the Energy Information Administration (EIA), gas demand increased by 8.94 million to 9.04 barrels per day last week, while total national gasoline inventories jumped by 230, 9 million to 233.5 million barrels as production increased, averaging 10.1 million barrels per day. day. Lackluster gasoline demand, increased supply and stable oil costs will likely lead to lower prices at the pump, AAA said.

The national average Thursday was $3.46, 15 cents lower than a month ago and 13 cents lower than a year ago.

Locally, the commonwealth's average gas price decreased to $3.34, four cents less than a week ago and ten cents less than a month ago. In Hampton Roads, prices fell ten cents to $3.23, 17 cents lower than last month and 13 cents lower than a year ago.




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