Triple A Mid-Atlantic says the recent run of daily one- to four-cent price increases slowed heading into the weekend, with prices now dipping slightly to start the week. However, increased demand and higher global oil prices pushed the national average for a gallon of gas up eight cents since last week to $3.50. Virginia’s gas average today is $3.42, up eight cents in a week, up 37 cents in a month, and 23 cents higher than this day a year ago.
“January’s weather was relatively mild in much of the nation, which led to more drivers hitting the road. However, a return of wintery conditions in February may see a revival of seasonal driving patterns,” said Morgan Dean, AAA Mid-Atlantic spokesperson, “but with the cost of oil stubbornly hovering around $80 per barrel, drivers probably won’t catch a big break at the pump over the next week or two.”
According to data from the Energy Information Administration, gas demand rose slightly from 8.05 to 8.14 million b/d last week. Meanwhile, total domestic gasoline stocks increased by 1.7 million bbl to 232 million bbl. Rising gas demand and elevated oil prices have contributed to higher pump prices.
Today’s national average of $3.50 is 33 cents more than a month ago and 14 cents more than a year ago.
