Gas prices continue to drop, with AAA reporting on Thursday that the national average for a gallon of gas is down eight cents, to $3.56, a decline of 32 cents from the 2023 peak recorded in mid-September.
What that means for you: savings of right around $5 every time you fill up.
According to new data from the Energy Information Administration, gas demand increased from 8.58 to 8.94 million b/d last week. On the flip side, total domestic gasoline stocks decreased by 2.4 million bbl to 223.3 million bbl.
Although higher demand and tightening supply typically increase pump prices, flat oil prices have had the opposite effect. If oil prices remain steady or fall, drivers can expect further price drops at the pump in the weeks ahead.
“While gas prices are falling about a penny a day, that feels like a glacial pace,” AAA spokesman Andrew Gross said. “The oil market is watching to see if the war between Israel and Hamas widens, so the price of crude is stuck at a rather elevated price in the mid-$80s per barrel. This, in turn, is slowing the decline in gas prices.”
Today’s national average of $3.56 is 32 cents less than a month ago and 29 cents less than a year ago.
Virginia’s average today of $3.36 is down seven cents in a week, 23 cents in a month and is 20 cents less than what we were paying on this day a year ago.
Of the nation’s ten least expensive states for gas right now, two of them border Virginia: Tennessee ($3.11) and Kentucky ($3.18).
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Chris Graham
