VIRGINIA BEACH, Va. (WAVY) — The national average for a gallon of gas has continued to increase over the summer. However, prices may be plateauing, according to a press release.
The national average has increased by 10 cents since last week to $3.83 due to an increase in price of oil, which was almost $80 per barrel last week.
“Last month’s extreme heat played a role in the recent spike in gas prices due to some refineries pulling back, but now operations are getting back to normal,” said Ryan Adcock, AAA Tidewater public relations specialist. “Coupled with tepid demand and declining oil prices, this may help take the steam out of the tight supply price jolts we’ve seen lately.”
The national average of $3.83 is 31 cents more than a month ago, and 30 cents less than a year ago. According to Energy Information Administration, or EIA, gas has demand decreased slightly. Meanwhile, total domestic gasoline stocks increased by 1.5 million bbl to 219.1 million bbl. The decrease in demand and increase in supply could help lower costs.
See the chart below to see the changes.
|Aug. 4, 2023||Week ago||Month ago||Year ago|
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