Gas prices continue downward trend

Gas prices continue their surprise mid-summer downward trend, beginning Monday at an average statewide price of $2.33 for a gallon of regular unleaded, and dropping to around the $2.10-a-gallon range at locations in the Central Shenandoah Valley.
Prices are down on average 23 cents a gallon from where they were a month ago, and $1.65 a gallon from the high of $3.98 a gallon statewide at this time last year.

“What a difference a year can make when it comes to gasoline and crude oil prices,” said Martha M. Meade, manager of public and government affairs for AAA Mid-Atlantic. “At this time last year, the national average price of gasoline was at an all-time high of $4.11 a gallon and crude oil was trading just above $147 per barrel. Fast forward one year and gasoline is below $2.50 a gallon and crude oil below $64, leading many motorists to reconsider road trips this summer.”

A driver in the decline has been the steady decline over the past month of crude oil, which was trading at $63.56 a barrel at the end of the business day on Friday, a drop of nearly $10 a barrel from the beginning of the month.