Richmond, Virginia (November 15, 2021) - Consumers caught a little break this week as the national average price for a gallon of gas leveled off at $3.41, down a penny since last week. Since October 30, the national average has fallen on nine different days, after having risen steadily each of the previous 31 days.
“A slight dip in demand, possibly due to seasonal changes in driving habits, is contributing to some relief at the pump,” says Morgan Dean, spokesperson for AAA Mid-Atlantic. “Unfortunately, the ongoing tight supply of crude oil will likely keep gas prices fluctuating, instead of dropping, for some time.”
Gas prices have dropped in Virginia after trending upward for weeks. Today’s average is $3.27, down two cents in the past week. Still, the average price of gas in the Commonwealth is 9 cents higher than a month ago and up $1.24 compared to this day a year ago.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.6 million bbl to 212.7 million bbl last week. Gasoline demand dropped from 9.5 million b/d to 9.26 million b/d. This drop coupled with an increase in the domestic crude oil supply caused downward pressure on prices. However, pump prices will likely remain elevated for consumers as long as oil prices are above $80 per barrel.
Today’s national average of $3.41 is 11 cents more than a month ago and $1.29 more than a year ago, and 81 cents more than in 2019.