Gas prices are down more than 10 cents a gallon nationwide, but analysts are tracking the developments in Israel for expected impacts in the coming days and weeks.
“We remain concerned about a potentially destabilized Middle East and the potential impact to oil prices should the region see violence escalate,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
This as the U.S. saw gas prices sitting at an average of $3.67 a gallon on Monday morning, down 10.2 cents a gallon from a week ago.
Virginia consumers are paying $3.45 a gallon on average, down 5.9 cents a gallon.
The national average price of diesel has fallen 4.0 cents in the last week and stands at $4.48 per gallon.
The decreases are seasonal in nature, and because of the seasonal effect, De Haan sees potential for further drops in price, depending on the political and economic impacts of the war in Israel.
“Even with oil prices rising as a reaction to the attacks, I remain optimistic the national average could decline another 25-45 cents by late November, with prices falling potentially nearly triple that in California,” De Haan said.
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Chris Graham
