Home Gas prices tumbling, with eyes on the economy, Debby, Iran-Israel
U.S. & World News

Gas prices tumbling, with eyes on the economy, Debby, Iran-Israel

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

Gas prices are down, but it’s mainly because of the poor U.S. jobs report that has sent world markets tumbling, because investors aren’t liking that American companies only added 114,000 jobs in July.

“With oil prices plummeting due to new concerns over the U.S. economy after a poor jobs report, gasoline prices have seen downside in many states, with potential for more to join that trend this week as previous refinery disruptions in the Great Lakes region fade away and the restart process begins,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

The tracking website reported Monday that gas prices in Virginia are down 7.1 cents per gallon from a week ago, averaging $3.31 a gallon at the beginning of the business day on Monday.

The national average price of gasoline has fallen 3.5 cents per gallon in the last week, averaging $3.44/g today.

The national average price of diesel has fallen 2.3 cents in the last week and stands at $3.76 per gallon.

Something else to watch for: Hurricane Debby, which is forecast to wreak havoc on the Southeast for the next several days.

And then: new unrest in the Middle East with tensions between Israel and Iran.

“While Tropical Storm Debby drops buckets of rain on Florida and the Southeast, it poses low risk to refineries or refined product pipelines, so the storm is not a major concern,” De Haan said. “With the Middle East on alert after Israel’s attacks on Hamas and Hezbollah, there could be an impact on oil prices; however, with an inability to predict the outcome, I for now expect gasoline prices in most states to gently decline in the week ahead, with the Middle East situation being a wildcard.”

Chris Graham

Chris Graham

Chris Graham, the king of "fringe media," a zero-time Virginia Sportswriter of the Year, and a member of zero Halls of Fame, 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. 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].

Latest News

elon musk donald trump
Politics, U.S. & World News

Democratic AGs win injunction blocking Trump/Musk raid of federal Treasury

economy
Local News

Shenandoah County: Plastics manufacturer investing $25.7 million, bringing 45 new jobs

An Italian plastic packaging manufacturer announced on Friday that it will invest $25.7 million in a project to locate a manufacturing operation in an existing facility in Shenandoah County.

drug trafficking arrest
Virginia News

Charlotte man gets 25 years after fentanyl discovered in Jeep in I-95 crash

A North Carolina man who crashed on Interstate 95 in Virginia with more than 4,500 baggies of fentanyl in his Jeep will spend 25 years in prison. Jaron James Starkey, 35, of Charlotte, was involved in a single-vehicle accident in Caroline County on Sept. 17, 2023, according to court documents. Multiple drivers had reported his...

ben cline congress
Politics, U.S. & World News

Feckless Ben Cline is trying to cosplay as a MAGA drug-fighting warrior

higher education
Politics, U.S. & World News

Democratic lawmakers stand up for students at U.S. Department of Education

Local News

Dr. Garett Smith announces retirement from Staunton Schools

Local News

Waynesboro School Board welcomes WHS graduate Nigel Stewart