Despite plummeting gas demands, pump prices continue to rise in Virginia, according to AAA Tidewater. Currently, the average price for a gallon of gas is $2.20, eight cents more than last week, but 18 cents less than last year.
Nationally, gas prices are averaging $2.31, the highest in 10 months. Pump prices have increased despite gas demand falling from 8.1 million barrels/day to 7.4 million barrels/day—the lowest level recorded since the end of May 2020, according to the Energy Information Administration’s latest weekly report.
“Gas prices are rising as supply tightens and crude oil gets more expensive. Decreasing demand is outweighed by these other factors right now,” said Holly Dalby, spokesperson for AAA Tidewater Virginia. “Last week, crude oil pushed to the highest price since before the pandemic. If crude prices remain high, Americans can expect to pay more at the pump this month.”
By EIA measurements, U.S. gasoline supply sits at 241 million barrels. While this is th...
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