AAA: Gas station prices trend downward

VIRGINIA BEACH — The national average price for a gallon of gasoline has fallen six cents since last week, to $3.38, and last hit a price on March 6, according to AAA.

“The war clouds overseas are less dark right now and the Atlantic is also calm now, which is easing pressure on oil prices,” said Ryan Adcock, spokesman for AAA Tidewater. “More and more retail locations east of the Rockies are selling gasoline for under $3 a gallon. Will this trend continue through the end of the year? Stay tuned.”

According to new data from the Energy Information Administration (EIA), gas demand rose last week to 9.19 million barrels per day from 9.04 million barrels per day. At the same time, total domestic gasoline inventories fell to 220.6 million barrels from 222.2 million barrels, but gasoline production rose, averaging 9.8 million barrels per day. Weak gasoline demand, stable supply and low oil prices could lead to a further decline in pump prices, according to AAA.

The national average price for a gallon of gasoline was $3.38 on Thursday, 12 cents less than a month ago and 47 cents less than a year ago, AAA reported.

Locally, the Commonwealth's average gasoline price fell to $3.26. Thursday's price is six cents lower than a week ago and 15 cents lower than a month ago. In Hampton Roads, prices fell five cents to $3.14, which is 22 cents lower than last month and 55 cents lower than a year ago, according to AAA.