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Crude oil sees price drop, lower costs at the pump could follow

The demand on gasoline has dropped for three straight weeks.
The demand on gasoline has dropped for three straight weeks.(Live 5/File)
Published: Aug. 23, 2021 at 1:48 PM EDT
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RICHMOND, Va. (WWBT) - The price of a barrel of crude oil dropped by $5 in the last week, and lower prices at the pump are expected to follow.

The prices dropped to $62.32 by Friday’s close, bringing the cost to the lowest number since May.

“Crude oil prices saw not only a dramatic drop on the week, but the price per barrel is at the cheapest in three months,” said Morgan Dean, AAA spokesperson, in a release. “If this downward trend continues and less expensive prices are sustained, Americans can expect to see relief at the pump in the near future.”

The national gas price average of $3.16 is two cents cheaper than last Monday, and experts say it could be even less by the end of the week.

Additionally, the demand on gasoline has dropped for three straight weeks.

TodayLast monthLast year
National$3.16$3.15$2.18
Virginia$2.96$2.97$2.03
Charlottesville$2.95$2.96$2.05
Fredericksburg$2.98$2.98$2.07
Harrisonburg$2.91$2.91$2.07
Norfolk Area$2.94$2.96$1.96
Richmond$2.95$2.96$2.05
Roanoke$2.91$2.92$2.00

Copyright 2021 WWBT. All rights reserved.

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