Gas prices are falling - NBC12 - WWBT - Richmond, VA News On Your Side

Gas prices are falling

RICHMOND, VA (WWBT) - It's one positive result of the economic jitters that have again taken hold.

For the first time in months gas prices are falling.

The national average for a gallon of gas is down to $3.51 a gallon.

In Richmond, it's $3.30 a gallon.

But the fall doesn't mean things are looking up.

Demand for oil is dropping because of growing concerns about the global economy.

Dr. David Urban is the Associate Dean of the School of Business at VCU. He says many people are cutting back on how much gas they use.

"What happens when the economy slows down is people circle the wagons," Urban said. "They stay home, they combine their errands, they take fewer trips."

He says this drop in pump prices is simple supply and demand. When demand drops, so does the price.

Now there is some optimism the money people save at the pump will be spent somewhere else and stimulate the economy. Dr. Urban says that might be wishful thinking. Any savings at the pump will probably only have a small impact on the economy.

Copyright 2011 WWBT NBC12. All rights reserved.

  • Latest news from NBC12.comNEWSMore>>

  • Syracuse fraternity permanently expelled over racist video

    Syracuse fraternity permanently expelled over racist video

    Saturday, April 21 2018 5:46 PM EDT2018-04-21 21:46:07 GMT
    Sunday, April 22 2018 4:06 PM EDT2018-04-22 20:06:32 GMT
    Syracuse University permanently expels fraternity for "extremely racist" video. (Source: WSYR/CNN)Syracuse University permanently expels fraternity for "extremely racist" video. (Source: WSYR/CNN)

    Syracuse University has permanently expelled a fraternity over an offensive video that fraternity members say was intended as satire.

    More >>

    Syracuse University has permanently expelled a fraternity over an offensive video that fraternity members say was intended as satire.

    More >>
  • Search ongoing for gunman after 4 killed, 4 injured in mass shooting at Waffle House

    Search ongoing for gunman after 4 killed, 4 injured in mass shooting at Waffle House

    Sunday, April 22 2018 5:55 AM EDT2018-04-22 09:55:32 GMT
    Sunday, April 22 2018 4:04 PM EDT2018-04-22 20:04:24 GMT
    Travis Reinking, 29, is wanted in connection with the mass shooting. (Courtesy: Metro Police)Travis Reinking, 29, is wanted in connection with the mass shooting. (Courtesy: Metro Police)

    Four people were killed and four others injured in a mass shooting at a Waffle House in Antioch early Sunday. The suspect is still on the run.

    More >>

    Four people were killed and four others injured in a mass shooting at a Waffle House in Antioch early Sunday. The suspect is still on the run.

    More >>
  • Thousands sing 'Happy Birthday' to Queen Elizabeth II

    Thousands sing 'Happy Birthday' to Queen Elizabeth II

    Saturday, April 21 2018 6:54 AM EDT2018-04-21 10:54:10 GMT
    Sunday, April 22 2018 3:56 PM EDT2018-04-22 19:56:35 GMT
    (Toby Melville/Pool Photo via AP). Britain's Queen Elizabeth raises her glass during speeches at The Queen's Dinner, during the Commonwealth Heads of Government Meeting at Buckingham Palace in London, Thursday, April 19, 2018.(Toby Melville/Pool Photo via AP). Britain's Queen Elizabeth raises her glass during speeches at The Queen's Dinner, during the Commonwealth Heads of Government Meeting at Buckingham Palace in London, Thursday, April 19, 2018.

    Queen Elizabeth II is marking her 92nd birthday with a star-studded concert in London.

    More >>

    Queen Elizabeth II is marking her 92nd birthday with a star-studded concert in London.

    More >>
Powered by Frankly