newsbanking system concerns fuel unexpected drop in u s gas prices

Banking system concerns fuel unexpected drop in U.S. gas prices

Chris Graham
(© Daniel Thornberg –

Gas prices are taking an unexpected tumble, dropping 4.2 cents per gallon nationally, to a $3.40 a gallon average nationwide, according to GasBuddy.

The average price in Virginia was down three cents, to $3.22 per gallon.

The national average price of diesel has fallen 5.6 cents in the last week and stands at $4.25 per gallon.

The decreases are the result of concerns over the banking system, according to Patrick De Haan, head of petroleum analysis at GasBuddy.

“The broad concern over recent failures of the U.S. and global banking system has put enough downward pressure on oil prices that we saw a reprieve in rising gasoline prices in the national average last week. But, it may be temporary in nature, and is unlikely to be a long lasting trend,” De Haan said.

“Should the outlook for the banking sector improve, we could again see gasoline prices race higher, while continued or additional distress could raise the possibility of a broader economic slowdown, keeping gasoline prices in check. Overall, there are a lot of possibilities,” De Haan said.

Chris Graham

Chris Graham

Chris Graham is the editor of Augusta Free Press. A 1994 alum of the University of Virginia, Chris has won 17 Virginia Press Association awards for his work as an investigative reporter, feature writer and columnist. Chris is the author and co-author of seven books, including Poverty of Imagination and Team of Destiny: Inside Virginia Basketball’s Run to the 2019 National Championship, both published in 2019, and The Worst Wrestling Pay-Per-View Ever, published in 2018. For his commentaries on news, sports and politics, go to my YouTube page, Want to reach Chris? Try [email protected].