Richmond, Virginia (AAA) – At $3.21, the average price of gas in Virginia is now the same as it was one year ago today. The state average is down three cents overnight, down 12 cents in the past week and down 27 cents in the past month. It is also $1.65 less than it was back on June 14th when Virginia set a new all-time record high gas price of $4.86.
Today’s national average of $3.35 is down 14 cents in the past week and down 45 cents in the past month. It’s just one penny higher than the national average price was on this same day in 2021.
The sharp decline at the pumps could slow somewhat given the decision by OPEC+ over the weekend to continue cutting production but the downward trend on pump prices will likely continue. OPEC+, representing a group of 23 oil-producing nations including Saudi Arabia and Russia, decided Sunday to maintain output cuts of 2 million barrels per day or about 2% of world demand. The purpose of the move is to boost the global price of oil, which has fallen recently on fears of demand weakness, specifically in China.
According to data from the Energy Information Administration (EIA), gas demand held steady at 3.2 million b/d. Meanwhile, total domestic gasoline stocks rose by nearly 2.8 million bbl to 213.8 million bbl. Increasing supply and steady gasoline demand have contributed to pushing pump prices lower.
Ten states now have gas price average below $3/gallon. Texas is the least expensive state in the country right now with an average of $2.78 per gallon for regular unleaded. Several Virginia communities now have locality averages below $3/gallon: Warren County ($2.90), Wythe County ($2.96), Alleghany County ($2.97), and Gloucester County ($2.97). Several other Virginia communities have gas price averages at or around $3/gallon today