The national average for a gallon of gas has been hovering around $3.82 for the past ten days, a noteworthy length for price stability. This lack of price movement came despite an uptick in gas demand and rising oil prices approaching the mid-$80s per barrel.
“We appear to be at a fork in the road when it comes to which direction gas prices will take – up or down,” said Morgan Dean, AAA Mid-Atlantic spokesperson. “The summer heat that kept people home and suppressed refinery production has eased for now, so we have to look at the cost of oil to determine if the recent price climb is ending. More expensive oil will likely lead to higher prices, so stay tuned.”
According to new data from the Energy Information Administration (EIA), gas demand jumped from 8.84 to 9.30 million b/d last week. Meanwhile, total domestic gasoline stocks decreased from 219.1 to 216.4 million bbl. Higher demand, amid tighter supply, has helped to keep pump prices elevated. If gas demand remains high, alongside increasing oil prices, drivers should brace for increases in pump prices.
Today’s national average of $3.82 is 28 cents more than a month ago but 19 cents less than a year ago. Virginia’s average today of $3.66 is up a penny from a week ago, up 31 cents in a month, but down 15 cents from this day a year ago.
