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Prices hold steady at the gas pump

Low demand, even as gasoline stocks decline, has helped pump prices decline or hold steady on the week, AAA spokesperson Holly Dalby said on Monday.

“That is likely to continue into the fall as the season sees fewer road trips, especially amid the pandemic,” she added.

The latest Energy Information Administration report measures demand at 8.52 million barrels per day, which is a slight uptick from the previous week’s 8.48 mbd. However, the small increase is still 850,000 barrels lower than last year at this time.

Monday’s national gas price average is $2.18, which is the same price as last week, five cents less than a month ago, but 47 cents cheaper than a year ago. On the week, most states saw gas prices decrease or moderate fluctuations by a penny or two. A continued drop in demand will likely lead to pump prices continuing to decrease.

In Virginia, the current pump price is holding steady at $2.08. Hampton Roads’ prices dropped a penny from last week to $2.03 today.

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