Home Gas prices tick up a penny or two: Analyst says it’s a ‘short timeout’ in declines
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Gas prices tick up a penny or two: Analyst says it’s a ‘short timeout’ in declines

Chris Graham
gas prices
(© Daniel Thornberg – stock.adobe.com)

Gas prices are up a penny nationally, and two cents a gallon in Virginia, from last week, a “short timeout” in the recent pace of declines, according to one analyst.

“Since the national average price of gasoline fell to its lowest June level since 2021 last week, we’ve seen the drop in prices take a break, with some states seeing a small rise over the last week. Thankfully, I expect this to be more like a short timeout, with an eventual return to falling gasoline prices in most states,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

Virginia drivers are paying, on average, $3.35 a gallon today, and drivers across the U.S. are paying $3.41 a gallon.

The national average price of diesel has fallen 1.6 cents in the last week and stands at $3.73 per gallon, its lowest price point since January 2022.

“Both gasoline and diesel prices remain below their year-ago level, which is music to the ears of the Federal Reserve, as fuel prices are a significant component of the Consumer Price Index. Also factoring in gasoline demand that has been running a bit weaker than expected, market fundamentals look pretty good right now if you’re a motorist,” De Haan said.

Chris Graham

Chris Graham

Chris Graham, the king of "fringe media," 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].

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