Gas prices drop below $3 in Richmond Metro - NBC12.com - Richmond, VA News

Gas drops below $3 in Richmond Metro

Posted: Updated:
RICHMOND, VA (WWBT) -

The Richmond Metro has some of the cheapest gas prices in the nation. In fact, many places have dipped below $3 a gallon. 

The last time gas was anywhere near the $3.00 range, was during the holidays but the price of crude oil then was much lower than it is today. 

Ed lacy spends $300 on gas each week. To see prices dive roughly 40 cents makes a huge dent in his bill.  

"I think it's great," said Lacy. "I hope it stays that way." 

Recently gas has dipped below $3 a gallon - $2.98 at Sam's club in the East End and $2.99 at the Kangaroo in Ashland.

"Much better since summer time- it's amazing," said Alex Bogushevskiy "$3.06 - you cannot beat it."

Virginia Petroleum Convenience and Grocery Association President Mike O'Connor says prices could fall even more after the more expensive, green summer blend is replaced October first.  

Ultimately gas prices still depend on the cost of crude oil. When prices dipped below $3 during Christmas, crude oil was much lower per barrel than it is now. 

"So there's kind of a disconnect there that really isn't readily apparent but will probably play itself out in the next few weeks," said O'Connor.  

O'Connor says it's tough to predict but costs have a lot to do with speculation and where people invest their money. Lacy agrees.  

"It's all about manipulation of the markets, commodities - watch gold run up and down. Watch oil run up and down," said Lacy. 

This is the fourth time in three years we've seen gas prices this low according to O'Connor. One thing's for sure - some drivers say they'd like to see it go back down to how it was in the good ole days. 

"I'd like to see it at $1.50 a gallon like it used to be," Bogushevskiy added.

"Around $1.50 or $1.75 but I don't know if it's going to happen or not," Lacy noted.

Sub $3.00 will do for now. Unless the cost of crude oil continues to decline, sub $3 street prices will be short -lived. 

Copyright 2013 WWBT NBC12.  All rights reserved.

Powered by WorldNow