Gas prices down slightly, but we could see a slight uptick midweek, according to analyst
Economy, U.S. & World

Gas prices down slightly, but we could see a slight uptick midweek, according to analyst

(© Daniel Thornberg –

Gas prices had been trending upward ahead of Memorial Day. Now they’re heading back down, with GasBuddy reporting Monday a nearly four-cent drop per gallon nationally over the past week.

The data tracking site has the average of a gallon of unleaded at $3.51 a gallon, down 3.9 cents per gallon from a week ago.

Virginia consumers are paying $3.31 a gallon today, down 2.8 cents per gallon.

Patrick De Haan, the head of petroleum analysis at GasBuddy, warns that “the drop may be temporary.”

“OPEC+ agreed Sunday to additional production cuts, while Saudi Arabia is going above and beyond and cutting July production. As a result, oil prices are likely to see upward pressure as global supplies, which have remained tight, promise to become even tighter as a result,” De Haan said. “Last time OPEC+ agreed to cut production, it led to a temporarily rally in the price of oil, but as global oil demand hasn’t been as strong as expected, the cut failed to hold oil prices up. OPEC+ and Saudi Arabia are likely hoping that the rise in oil prices will stick longer this time, as the Saudi economy relies on oil prices north of $81 per barrel.”

The production cut could lead to an uptick in oil prices, pushing gas prices higher as soon as Wednesday, according to De Haan.

“How long any rise in gas prices lasts is up in the air, but I do not yet believe motorists need to be worried. Any rise in average prices should be fairly small, and we’re still extremely unlikely to make a run at record prices anytime soon,” De Haan said.

Chris Graham

Chris Graham

Chris Graham is the founder and editor of Augusta Free Press. A 1994 alum of the University of Virginia, Chris is the author and co-author of seven books, including Poverty of Imagination, a memoir published in 2019, and Team of Destiny: Inside Virginia Basketball’s Run to the 2019 National Championship, and The Worst Wrestling Pay-Per-View Ever, published in 2018. For his commentaries on news, sports and politics, go to his YouTube page,