Gas prices down 10 cents a gallon from recent peak: More good news on the horizon

Gas prices are down 10 cents per gallon from their recent peak, and GasBuddy analyst Patrick De Haan thinks the worst may be behind us.

“With gas prices now nearing a 10-cent drop to the high we saw a few weeks ago, the future looks good as we get closer to Memorial Day,” said De Haan, citing GasBuddy data showing the national average dropping 3.2 cents per gallon over the past week, to $3.58 per gallon, and the national average price of diesel has fallen 4.6 cents in the last week and stands at $3.90 per gallon.

Virginia drivers are paying an average of $3.44 per gallon for a gallon of regular unleaded at the start of the business day on Monday.

The national average a year ago was $3.31 a gallon, so we’re more than a quarter-per-gallon higher than where we were in 2023, but De Haan sees prices falling more ahead of the Memorial Day holiday.

“And I’m optimistic the trend could extend into June and beyond. I’m excited to say it does appear that for now, the worst is behind us,” De Haan said.