VIRGINIA BEACH, Va. — The latest run of every day one- to four-cent worth will increase slowed heading into the weekend, with costs now dipping barely to start out the week. Nonetheless, elevated demand and better world oil costs pushed the nationwide common for a gallon of gasoline up eight cents since final week to $3.50.
“January’s climate was comparatively delicate in a lot of the nation, which led to extra drivers hitting the highway. Nonetheless, a return of wintery situations in February might even see a revival of seasonal driving patterns,” stated Ryan Adcock, AAA Tidewater public relations specialist, “however with the price of oil stubbornly hovering round $80 per barrel, drivers most likely will not catch a giant break on the pump over the subsequent week or two.”
Based on knowledge from the Power Data Administration, gasoline demand rose barely from 8.05 to eight.14 million b/d final week. In the meantime, complete home gasoline shares elevated by 1.7 million bbl to 232 million bbl. Rising gasoline demand and elevated oil costs have contributed to increased pump costs.
In the present day’s nationwide common of $3.50 is 33 cents greater than a month in the past and 14 cents greater than a yr in the past.
Native Stats
The gasoline worth common for the Commonwealth elevated touchdown at $3.42. That is eight cents increased than per week in the past and 37 cents increased than a month in the past. In Hampton Roads, costs elevated 15 cents to $3.42, which is 41 cents increased than final month and 24 cents increased than a yr in the past.
Oil Market Dynamics
On the shut of Friday’s formal buying and selling session, WTI decreased by $1.33 to settle at $79.68. Though the next greenback contributed to pushing costs decrease on the finish of the week, oil costs rose earlier final week amid ongoing market optimism that world oil demand can be extra sturdy than anticipated in 2023 resulting from China re-opening its economic system after imposing strict COVID-19 lockdowns that curtailed demand. For this week, crude costs might enhance once more if the market sees extra indications that inflation could also be cooling, which might preserve oil demand sturdy regardless of ongoing issues {that a} recession might happen this yr.
Drivers can discover present gasoline costs alongside their route utilizing the AAA TripTik Journey planner.
As a part of North America’s largest motoring and leisure journey group, AAA Tidewater Virginia gives its greater than 350,000 members with journey, insurance coverage, monetary and automotive-related companies. Since its founding AAA Tidewater Virginia has been a frontrunner and advocate for the security and safety of all vacationers. For extra data, go to AAA.com and observe us on Twitter at Twitter.com/AAATidewaterVA or Fb at facebook.com/AAATidewaterVirginia.
