Prices locally up 8 cents from last week to $3.16 per gallon

VIRGINIA BEACH, Va. (WAVY) – AAA Mid-Atlantic said the recent gas price surge caused by cold weather and a robust holiday travel season is on the wane.

In Virginia, gas prices are up eight cents from last week, to $3.18 per gallon, and in Hampton Roads, they went up eight cents to $3.16, 11 cents higher than last month and seven cents higher than a year ago.

“As we head toward February, pump prices will likely dip, barring any jolt in the global oil market,” said Ryan Adcock, AAA Tidewater public relations specialist, in a statement. “But it is likely that the national average prices we saw heading into Christmas may have been the lows for this winter.”

While the national gas price rose daily beginning Christmas Eve, when it averaged $3.09 per gallon, it said the steam may have run out with gas prices flattening and falling by a penny over the weekend. The national average is up seven cents over the past week to $3.28, but it’s still three cents less than a month ago, and two cents less than a year ago.

Data from the Energy Information Administration indicates that gas demand has dropped from 9.33 million barrels per day to 7.51 million barrels per day. AAA Mid-Atlantic said lower gas demand has contributed to limited pump price increases.