Gas prices down statewide three cents since last week. Fredericksburg gas prices down six cents

by | Mar 4, 2023 | News

Triple A Mid-Atlantic says since Monday, the national average for a gallon of regular gasoline has increased by three cents to $3.39, which is a penny more than a week ago.  Spokesman Morgan Dean says one reason could be an increase in demand, as the cost of oil has barely budged for the past few weeks.

“Another reason is that the seasonal switch to summer blend gasoline is underway, which may account for this bounce in pump prices,” said Morgan Dean, AAA Mid-Atlantic spokesperson, “This blend is designed to lower emissions during the summer and is more expensive to refine. Switching to summer blend usually adds about five to ten cents to the price of gasoline.”

Dean says according to new data from the Energy Information Administration (EIA), gas demand jumped from 8.91 million to 9.11 million b/d last week. Meanwhile, total domestic gasoline stocks decreased by nearly 1 million bbl to 239.2 million bbl last week. The increase in gas demand, amid tighter supplies, has contributed to rising pump prices. If demand continues to grow, drivers will likely continue to see pump prices increase.

Triple A says Friday’s national average of $3.39 is 10 cents less than a month ago and 33 cents less than a year ago. Virginia’s average of $3.14 is down three cents from a week ago, down 24 cents from a month ago and down 44 cents from this day in 2022.

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