I would caution against getting too excited, but good news on the gas-price front is good news on the gas-price front. “After nearly two months of daily gas price increases, we are finally seeing a little relief at the gas pumps, which motorists are welcoming just in time for the holiday weekend,” said Martha M. Meade, manager of public and government affairs for AAA Mid-Atlantic, noting the run of five consecutive days now that the average national price of a gallon of regular unleaded has declined.
The average nationally is now at $2.64 a gallon, down five cents from a week ago at this time.
The average in Virginia is $2.52 a gallon, down four cents from last week.
Trading of crude oil dropped below $70 a barrel at the close of business on Friday. Crude oil had been trading at the $40-a-barrel mark in March.
Crude had been at $147 last July, when a gallon of regular unleaded was an average $4.11 a gallon nationwide. Even with the near-$1.50-gallon drop, AAA is projecting Fourth of July travel to dip this year by nearly 3 percent. The decrease, according to AAA, is to be attributed to uncertainty about the strength of the economy, as well as rising unemployment and sagging household incomes.
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