(WYDaily photo/Adobe)
VIRGINIA BEACH — Stability is the name of the game to start October, according to AAA, with the national average for a gallon of regular the same as it was one week ago at $3.15.
AAA credits a seasonal drop in demand and gas stations making the switch to winter-blend gasoline, which is cheaper to produce. Crude oil supply remains robust as OPEC+ — a group of oil-producing countries — is likely to announce in the coming days another production increase in November. That surplus, coupled with weaker demand, is keeping pump prices down, AAA explained, even as some U.S. refineries are expected to go offline this month for seasonal maintenance.
According to new data from the Energy Information Administration, gasoline demand decreased from 8.95 million barrels per day last week to 8.51 million. Total domestic gasoline supply increased from 216.6 million barrels to 220.7 million. Gasoline production decreased last week, averaging 9.3 million barrels per day.
Locally, the gas price average for the commonwealth Thursday was $2.98 — two cents higher than a week ago and two cents lower than a month ago. In Hampton Roads, prices increased five cents to $3.03, which is two cents lower than a month ago and 11 cents higher than a year ago.