AAA: Average gas price in Virginia drops 14 cents within one week

The dip in gas prices comes as prices for crude oil drop slightly below $100 per barrel
AAA said the average price for gas in Virginia has gone down 14 cents within the last week.
AAA said the average price for gas in Virginia has gone down 14 cents within the last week.(Source;NBC12 | NBC12)
Published: Jul. 8, 2022 at 6:38 PM EDT|Updated: Jul. 8, 2022 at 6:49 PM EDT
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RICHMOND, Va. (WWBT) - As drivers across Central Virginia feel the pain at the pump with record-breaking gas prices, there’s some slight relief in sight as the average price for gas in Virginia, including the Richmond Metro, dips closer to $4.

On Friday, AAA reported the average price for gas in Virginia is $4.51 per gallon, which is down 14 cents in the last week and down 26 cents from what drivers were paying one month ago.

In Richmond and Petersburg, drivers are paying an average price of $4.45 per gallon, which is down 18 cents in a week and down 36 cents in the last month.

Around the Richmond area, NBC12 spotted gas prices at $4.12 along Hull Street Road.

Sara Thornton, a Chesterfield resident, was driving along the road and spotted gas prices at $4.09 per gallon.

“It is amazing,” said Thornton. “Gas prices went up so fast, and now they’re coming down just as fast.”

As gas prices drop, AAA reports Virginia is one of the top ten states in the nation for largest weekly gas price decreases.

Michael O’Connor, president of the Virginia Petroleum and Convenience Marketers Association, said the recent dip in crude oil barrel prices plays a part in this relief.

“On June 8, crude oil was $122 a barrel,” O’Connor told NBC12. “Now it’s down, on Tuesday, to $98 a barrel.”

O’Connor said there are different factors for these fluctuating price tags.

“Price is usually determined by supply and demand, but this year it has not been,” O’Connor. “We saw crude oil prices increase exponentially since the first of the year, and many of those periods were not high driving periods. It’s just been international events and speculation.”

AAA also said the reason for the recent drop in crude oil prices is recession fears, concerns of a global economic slowdown, and the impact that could have on crude oil demand in the future.

“The cost of crude oil is probably somewhere between $70 to $85 a barrel,” O’Connor said. “Today, at $104, it’s wildly inflated. It’s not worth that, and I hope it continues to go down.”

In terms of gas prices dropping, O’Connor said this would depend on if crude oil prices continue to drop. For drivers like Thornton, she is thankful to save some cents at the pump.

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