Gas prices take surprising big tumble, dropping 10 cents per gallon in last week

GasBuddy analyst Patrick De Haan has been expecting gas prices to continue to drop, but last week’s freefall – 10 cents per gallon nationally, to $3.40 per gallon – even surprised him.

“We’ve seen one of the larger weekly drops in the national average price of gasoline in some time, and what incredible timing that it comes at the beginning of the summer driving season. Not only have gasoline prices plummeted in nearly every state in the last week, but nearly every state has also seen prices drop compared to a month ago,” said De Haan, head of petroleum analysis at GasBuddy.

Average gasoline prices in Virginia have fallen 8.3 cents per gallon in the last week, averaging $3.33 per gallon as of the opening of the business day on Monday, according to GasBuddy’s survey of 4,081 stations in Virginia.

Prices in Virginia are 11.6 cents per gallon lower than a month ago and stand 4.6 cents per gallon higher than a year ago.

The national average price of diesel has fallen 6.7 cents in the last week and stands at $3.75 per gallon, which De Haan said is the lowest average price since Russia launched its invasion of Ukraine in 2022.

What does the near-term future look like?

“This price decline party is ramping up, and I expect additional declines ahead of July 4 for both gasoline and diesel prices,” De Haan said. “Six states now have average prices below $3 per gallon, and more will join soon, with the number of U.S. stations at $2.99 or lower already nearing 25,000. It’s a great start to summer for those hitting the road.”