VIRGINIA BEACH — The national average price for a gallon of gasoline has edged down to $3.44, marking a modest decrease of one cent from the previous week. Meanwhile, average prices in Virginia and Hampton Roads have experienced a more noticeable decline, according to AAA.
“While summer is coming to a close, gas prices have remained relatively stable,” said Ryan Adcock, spokesperson for AAA Tidewater. “However, with hurricane season still ongoing, it’s premature to say that pump prices have begun their traditional autumn drop.”
Recent data from the Energy Information Administration (EIA) reveals that gasoline demand increased slightly last week, rising from 8.96 million to 9.04 million barrels per day. At the same time, domestic gasoline inventories decreased from 225.1 million barrels to 222.2 million. Gasoline production also saw a minor reduction, averaging 9.7 million barrels per day. AAA notes that sluggish gasoline demand and stable oil prices could contribute to further declines in pump prices.
As of Thursday, the national average for gasoline stands at $3.44 per gallon, which is eight cents lower than a month ago and 42 cents lower than a year ago. In Virginia, the average price has dropped to $3.32, a decrease of four cents from the previous week and 14 cents from a month ago. In Hampton Roads, prices have fallen to $3.19 per gallon, down five cents from last week and 24 cents from the previous month, representing a 48-cent decrease from the same time last year.