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Richmond, Virginia – The national average pump price for a gallon of gas dropped 12 cents in the past week. It is the steepest weekly decline since early August—nearly four months ago. Meanwhile, the cost of oil edged lower on fears of economic slowdowns elsewhere around the globe. Because of these factors, the national average for a gallon of gas fell to $3.54. Virginia’s average of $3.35 is down seven cents in a week, down 14 cents from last month, but is up ten cents from this day a year ago. Over the last 15 days, the Virginia gas price average has dropped 15 cents. |
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“Gas prices are dropping nationwide, with some of the largest decreases happening on the West Coast,” said Morgan, AAA Mid-Atlantic spokesperson. “But the West also has the farthest to fall because its prices are so elevated. For instance, California is still $1.50 higher than the national average.”
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According to data from the Energy Information Administration (EIA), gas demand fell from 8.74 million to 8.33 million b/d last week. Meanwhile, total domestic gasoline stocks rose by more than 3 million bbl to 211 million bbl. Increasing supply and fewer drivers fueling up have pushed pump prices lower. As demand remains low and stocks grow, drivers will likely see pump prices keep falling.
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Today’s national average of $3.54 is 22 cents less than a month ago and 15 cents more than a year ago.
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