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Why we finally have some good news to share about gas

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Posted at 9:02 AM, Oct 08, 2014
and last updated 2014-10-08 14:13:26-04

RICHMOND, Va. —  It’s been a long time, but there is some good news to pass along about gas. The average prices per gallon of gas in Richmond is $2.98, the lowest since February 17, 2011, according to AAA Mid-Atlantic. Gas prices were 11 cents higher this time last year and peaked at $4.01 per gallon in July 2011.

“This is undoubtedly great news as Richmond has not seen gas prices average under $3 per gallon in over three years,” AAA Mid-Atlantic Public Affairs Specialist Tammy Arnette said.

Location Today Last Month Last Year
National $3.27 $3.44 $3.35
Virginia $3.08 $3.18 $3.14
Charlottesville $3.06 $3.15 $3.05
Norfolk $3.13 $3.21 $3.14
Richmond $2.98 $3.11 $3.09
Roanoke $3.05 $3.09 $3.06

What factors have contributed to the decline in gas prices? AAA Mid-Atlantic cited the following:

  • Less active hurricane season
  • Demand goes down after summer
  • Crude oil prices are trading under $100 per barrel

AAA Mid-Atlantic analysts expected gas prices to drop another 10-20 cents before the end of the year.

How much does gas cost where you live? Click here to email the CBS 6 Newsroom.