Triple A Mid-Atlantic says the national average for a gallon of gas fell four cents since last week to $3.38. The main reason is the price of oil, which fell into the mid $70s per barrel, nearly $5 cheaper than a week ago.
The cost for oil accounts for 55% of what we pay at the pump,” said Morgan Dean, AAA Mid-Atlantic spokesperson, “so higher or lower oil costs will play a major role in the price we pay when fueling up.”
New data from the Energy Information Administration (EIA), gas demand increased slightly from 8.27 million b/d to 8.91 million b/d last week. Meanwhile, total domestic gasoline stocks decreased by 1.8 million bbl to 240.1 million bbl last week. However, fluctuating oil prices have contributed to pushing pump prices lower. But if gas demand keeps rising amid tightening domestic stocks, drivers may see an end to future pump price drops.
Today’s national average of $3.38 is six cents less than a month ago and 16 cents less than a year ago. Virginia’s average today of $3.17 is down seven cents in a week, down 19 cents in a month and 24 cents cheaper than this day a year ago.
