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Gas prices dropping over the past week, but decline likely to be just temporary

Chris Graham
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The drop in gas prices has been welcome, certainly, but it’s not likely to be sustained.

“Motorists have finally seen a bit of a break in the recent rise in the national average, with more states seeing drops than increases in the last week. While the pause has certainly been nice, this is more like a rain delay than it is a seventh-inning stretch,” said Patrick De Haan, head of petroleum analysis at GasBuddy, which reports that gas prices have declined 4.2 cents per gallon in Virginia over the past week, to an average of $3.19 per gallon.

Nationally, the drop was 1.9 cents per gallon, averaging $3.24 per gallon at the open of the week.

De Haan cautions that prices naturally head upward this time of year.

“It’s likely only a matter of time before we see the rise re-engage and prices start to head higher, but we’ll take any break that we can,” De Haan said. “Oil prices have shown some signs of struggling last week after coming within arms reach of $80 per barrel before falling closer to $76, but all eyes are on refiners as utilization remained seasonally weak, around 80 percent of capacity, meaning there’s less gasoline and diesel being produced. That’s why it’s just a matter of time before prices collide with rising demand and start to accelerate again.”

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, or subscribe to his Street Knowledge podcast. Email Chris at [email protected].