Today’s Virginia gas price average of $2.22 is the lowest pump price of the year, a price point not seen since April of last year. The average sits at five cents cheaper than last week, 25-cents cheaper than last month and five cents less than last year.
Nationally, gas prices are also at the lowest levels for the year at $2.42 per gallon on average.
“Gas prices averages in Virginia have dropped double digits since last month,” said Tammy Arnette, Senior Public Affairs Specialist for AAA. “Some stations in the southwest of Virginia are even reporting gas prices less than $2 per gallon.”
How low can gas prices go? AAA expects the gas price averages to continue to drop slowly throughout the end of the year due to cheaper crude oil prices. However, pump prices this cheap may not last into 2019. On Friday, the Organization of the Petroleum Exporting Countries (OPEC) announced that the cartel and non-OPEC members, including Russia, will reduce production by 1.2 million b/d for the first six months of the year.
While the decision will help to reduce the high level of global crude supply, the move has the potential to increase oil and gas prices. Crude was up to $52.61 at the market close on Friday, while the week prior, crude was as cheap as $50/bbl.
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Chris Graham
