Gas prices back down again

It’s unusual to see gas prices dipping in the summer, but that’s what we’re seeing.
“After weeks of speculation-driven increases, crude oil has surrendered to basic market fundamentals: too much supply and too little demand,” said Martha M. Meade, manager of public and government affairs for AAA Mid-Atlantic. 

Has to make you feel good, doesn’t it, knowing that it was the speculators at it again artificially driving up gas prices? But that’s what happened, and now that that bubble seems to have burst, prices are coming back down on crude oil dropping back below the $60-per-barrel mark at the close of trading on Friday.

That’s pushed the price of a gallon of regular unleaded in Virginia to $2.39 a gallon as of this morning, down from $2.50 a gallon a week ago. I’ve seen individual stores in the Greater Augusta area offering regular unleaded for $2.25 a gallon in recent days.

– Story by Chris Graham