Average gas price across Virginia drops below $4 a gallon since April

The average price for a gallon of gas in the Commonwealth is now $3.99. This is the first time in months the price has dropped below four dollars. Here in Richm
Published: Aug. 1, 2022 at 7:04 PM EDT
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RICHMOND, Va. (WWBT) - After a summer of sky-high gas prices, things are finally starting to look up for drivers.

The average price for a gallon of gas in the Commonwealth is now $3.99. This is the first time the price has dropped below four dollars in months. In Richmond, the average is about 10 cents less.

The last time gas prices were this low was back on April 29th. The average cost for gas in Virginia went down 14 cents in the past week and 66 cents over the past month.

“I feel great. My gas tank feel[s] better, I feel better, my body feel[s] a little better,” said one driver.

AAA said a significant reason for a drop in gas prices is a drop in crude oil prices - which makes up about 65 percent of what we pay at the pump. A barrel of crude oil went up to $115 when gas prices sky-rocketed a few weeks ago. Now, a barrel costs about $95.

“So we see those crude oil prices come back. We see pump prices come back as well, albeit much slower than they went up,” explained Morgan Dean, the spokesperson for AAA Mid-Atlantic.

The summer travel season is also contributing to the drop in gas prices. Earlier this year, the demand for gas was higher as more people were hitting the road for their summer trips. AAA said that need tends to push prices up.

”Last week, summer demand at the pumps bounced back up just a little bit over what it had been a couple of weeks before that, so we’ve been a little bit all over the place,” Dean stated.

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