Patrick De Haan at GasBuddy told us weeks ago that gas would be below $3 a gallon by Christmas, and, crikey, he’s right.
GasBuddy has the average for a gallon of gas in Virginia at $2.99 a gallon on Monday morning, down 11.5 cents a gallon over the past week.
That’s 18.7 cents a gallon lower than last year at this time.
The cheapest gas station in Virginia this morning has its gallon at $2.53
Nationally, the average is still at $3.09 a gallon, 20 cents a gallon lower than the week leading into Christmas last year.
The memories of near-$5 a gallon gas from earlier in the year are still somewhat fresh, of course.
“The national average for a gallon of gasoline is down nearly $2 compared to six months ago, and heading into Christmas travel week, is at its lowest in a year and a half, saving Americans some $750 million every day,” said De Haan, head of petroleum analysis at GasBuddy.
The downward pressure may soon run out of steam, according to De Haan, who notes oil prices have bottomed out in the $70 per barrel range, and aren’t likely to get lower.
“But while the declines for gasoline may fade, diesel prices still have considerable ground to cover, and could fall another 50 cents or more in the weeks ahead,” De Haan said.
The national average price of diesel has fallen 14.1 cents in the last week and stands at $4.77 per gallon this morning, according to GasBuddy.
Lower prices for diesel should have impact on prices at grocery stores and other retail outlets, which would be welcome news.
“Fuel prices across the board have been plunging back into territory more Americans feel is normal, which could certainly boost economic sentiment going forward,” De Haan said.
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Chris Graham
