I drove by two gas stations in Waynesboro yesterday and saw $2.99 a gallon on the big overhead sign, beating the forecast for $3 a gallon gas by Christmas by three whole weeks.
Patrick De Haan, head of petroleum analysis at GasBuddy, said Monday the national average could be below $3 a gallon by Christmas Day.
“For the first time in 670 days, the national average price of gasoline has fallen below its year-ago level, dropping for the fourth straight week to its lowest level since January,” De Haan said.
The average in Virginia was down 10.9 cents a gallon over the past week, to $3.23 a gallon, and the average across the U.S. was down 15.8 cents, to $3.36 a gallon.
The longer-term outlook is muddled.
De Haan points to concerns about the price cap on Russian oil that could lead to retaliatory measures, and whatever OPEC+ decides to do in response in terms of its production levels.
“For now, however, we’ll likely see another week of declines at the pump in nearly all areas,” De Haan said.
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Chris Graham
