Gas prices heading back down: Trend should continue with seasonal decline in demand

Gas prices are down 9.3 cents per gallon nationally and 5.4 cents per gallon in Virginia, according to data from GasBuddy.

The average in Virginia is $3.50 a gallon; the nationwide average is $3.77 per gallon.

The bigger decline nationally is due to significant drops in the West and Midwest, according to Patrick De Haan, head of petroleum analysis at GasBuddy, who foresees continued downward pressure on prices.

“With oil prices struggling a bit after reaching $93 after OPEC+’s decision to cut production, many regions could see falling gas prices again this week as demand continues to decline seasonally, especially if more data points to a significant economic slowdown,” De Haan said. “While gasoline prices have seen a large drop, diesel prices have been somewhat mixed, with prices heading higher in the Northeast as inventories drop to extremely tight levels ahead of the heating oil season.

“Motorists are reminded that the decline in gasoline prices is seasonal and should continue into the fall, and is unrelated to the coming election. Seasonality is king in driving prices, not the desires or hopes of politicians,” De Haan said.