AAA: Gas prices below $2 a gallon across much of Virginia

The 2015 summer driving season ended with gas prices at their lowest point for the Labor Day holiday in more than a decade. Motorists in Virginia are paying an average price of $2.08 per gallon at the pump today, a savings of $1.08 per gallon in comparison to the same date last year.

At the close of Friday’s formal trading on the NYMEX, WTI crude oil settled at $44.78 per barrel, down 78 cents compared to last Friday’s close of $45.56. Last year, oil was trading at $100 a barrel. While prices have been volatile in recent weeks, a long-term bearish sentiment continues to underscore the global oil market as speculation about the balance between supply and demand from emerging economies remain front of mind.

“Motorists have enjoyed lower prices at the pump throughout this summer, with an average savings of 89 cents per gallon compared to last year’s summer driving season, which typically runs from Memorial Day to Labor Day,” said Martha M. Meade, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Today, nearly half the stations in the Commonwealth are selling gas less than $2 per gallon, which is great news for Virginia drivers.”

Prices are expected to continue to slide as driving demand experiences a seasonal decrease heading into the fall, provided the price of crude remains relatively low and refineries are able to conduct routine maintenance without issues.

The conclusion of the summer driving season also signals the start of the seasonal switch over to winter-blend gasoline in many parts of the country on September 16. The EPA requires certain areas to use a specified blend of gasoline, commonly referred to as summer-blend gasoline, in order to address air quality issues during the summer months. This more expensive summer-blend gasoline is not required during the winter months and prices tend to fall following the completion of this seasonal switch over.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)