Gas prices drop a nickel over the past week: What’s the short-term trend?

Gas prices are down nearly a nickel from last week, and it’s looking like things should be on a downward trend at least through early next month.

“With GasBuddy data showing gasoline demand plummeting after Memorial Day, and refiners inputting the largest amount of oil into their facilities in years, it’s very likely we’ll continue to see gas prices fall as we approach July 4. Diesel prices also continue to decline to their lowest level in nearly 11 months. The future looks bright for falling fuel prices across the board, though we’ll have to keep our eyes on hurricane season,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

Average gasoline prices in Virginia have fallen 4.5 cents per gallon in the last week, averaging $3.42/g today, according to GasBuddy’s survey of 4,081 stations in Virginia.

The national average price of gasoline has fallen 5.8 cents per gallon in the last week, averaging $3.50/g today.

The national average price of diesel has fallen 1.8 cents in the last week and stands at $3.82 per gallon.