The Shadow
Richmond, Virginia – The cost of gasoline has continued to drop due to falling oil prices. The global oil market has seen lower prices since the U.S. and its allies agreed to significant releases of oil reserves. Also weighing down oil prices is the fear of resurgent COVID-19 infections in China and its potential for an economic slowdown in one of the world’s largest oil-consuming nations. Domestically, the national average for a gallon of gas has fallen to $4.11. Nearly one month after setting a new all-time high record of $4.25 on March 11th, Virginia’s gas price average fell below $4.00 per gallon yesterday. That’s the first time it’s been below $4/gallon since March 8th. Virginia’s average is down another penny overnight to $3.98 today.
“The average price for a gallon of gas has fallen below $4 in much of the country,” said Morgan Dean, AAA Mid-Atlantic spokesperson. “And these lower prices may be a boon to drivers hitting the road more as warmer weather returns.”
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 2 million bbl to 236.8 million bbl last week. Gasoline demand increased slightly from 8.5 million b/d to 8.56 million b/d. Although supply and demand factors would have typically supported elevated pump prices, the fluctuating oil price continues to be the main factor influencing pump prices. Pump prices will likely face downward pressure if oil prices remain below $100 per barrel.
Today’s national average for a gallon of gas is $4.11, which is seven cents less than a week ago, 22 cents less than a month ago, and $1.25 more than a year ago. Virginia’s average of $3.98 is down seven cents from last week, down 27 cents in the past month, but up $1.27 from this day in 2021.
GAS PRICES FROM AAA
Average price per gallon of self-serve, regular gasoline.
Gas prices provided by AAA, http://gasprices.aaa.com/
Today
Weekly Change
Up/Down
Last Month
Last Year
National
$4.11
Down 7 cents
$4.33
$2.86
Virginia
$3.98
Down 7 cents
$4.25
$2.71
Charlottesville
$4.00
Down 9 cents
$4.26
$2.75
Fredericksburg
$3.93
Down 7 cents
$4.27
$2.66
Harrisonburg
$4.05
Down 11 cents
$4.31
$2.73
Norfolk Area
$3.97
Down 9 cents
$4.27
$2.66
Richmond
$3.96
Down 7 cents
$4.24
$2.70
Roanoke
$3.89
Down 9 cents
$4.18
$2.65
Quick Stats
The nation’s top 10 largest weekly decreases: Washington, D.C. (−14 cents), Connecticut (−11 cents), Indiana (−10 cents), Ohio (−10 cents), South Carolina (−10 cents), Rhode Island (−10 cents), Georgia (−9 cents), Wisconsin (−9 cents), Florida (−9 cents) and Delaware (−9 cents).
The nation’s top 10 least expensive markets: Missouri ($3.67), Oklahoma ($3.67), Kansas ($3.67), Arkansas ($3.70), Texas ($3.71), Maryland ($3.74), South Carolina ($3.75), Georgia ($3.76), Wisconsin ($3.76) and Nebraska ($3.78).
Oil Market Dynamics
At the close of Friday’s formal trading session, WTI increased by $2.23 to settle at $98.26. Overall crude prices declined last week following EIA’s weekly report, which showed U.S. crude oil inventories rose by 2.4 million bbl to reach 412.4 million bbl. For this week, crude prices could decline further if the EIA’s next report shows another increase in total domestic supply. Additionally, market watchers will be keeping a close eye on China’s COVID lockdown of Shanghai and the impact it may have on crude oil demand.
AAA has a variety of resources to help motorists save on fuel:
Fuel Price Finder (http://www.AAA.com/ fuelfinder) locates the lowest fuel price in your area.
AAA Gas Cost Calculator (http://gasprices. aaa.com/aaa-gas-cost- calculator/) helps budget travel expenses.
TripTik Mobile (http://www.aaa.com/ mobile) plots fuel prices along your travel route.
AAA is the most comprehensive resource for gas prices. Unlike the Lundberg Survey of 7,000 gas stations, AAA reports reflect actual prices from credit card transactions at more than 100,000 gas stations in the U.S.
