Virginia one of cheapest places to buy gas in U.S.; gallon dips below $2

Posted at 10:29 AM, Jul 20, 2016
and last updated 2016-07-20 10:29:36-04

RICHMOND, VA – It may be a good time to take that summer road trip you have been dreaming of, as gas prices continue to dip in Virginia.

Drivers in Virginia are filling up at the pump for less today as the average price for a gallon of gasoline fell below $2 in the Commonwealth. Virginia joins seven other states averaging below $2 per gallon and is now the eighth lowest in the country to buy gasoline.

The current average is a low unseen since April 27, 2016, and is 20 cents per gallon less than the national average, which is $2.19 per gallon.

On this day last year gas was 55 cents more, at $2.54 per gallon.

  Today Change Since Yesterday Last Month Last Year
National $2.19 Down 1 cent $2.33 $2.76
Virginia $1.99 Down 1 cent $2.16 $2.54
Charlottesville $1.99 Down 1 Cent $2.14 $2.50
Norfolk Area $1.94 No change  $2.13 $2.61
Richmond $1.97 Down 1 cent $2.13 $2.52
Roanoke $2.00 No change $2.12 $2.46

“Low gas prices are a bonus for drivers anytime of the year and even more so for those that plan a summer road trip this season,” said Tammy Arnette, Senior Public Affairs Specialist for AAA Mid-Atlantic.

Gas prices likely will remain relatively low compared to recent years for the remainder of the summer.

U.S. crude oil supplies are about 13 percent higher than a year ago, while gasoline stocks have increased to 240 million barrels as refineries produce significant quantities of fuel. This is the highest ever mark for gasoline supplies during the month of July, according to Department of Energy records.

Despite recent gas price declines, there is always the possibility that unexpected events could lead to higher prices later this summer. For example, crude oil costs could rise due to disruptions in supply, stronger than expected economic growth or geopolitical tensions overseas. In addition, regional prices could increase due to refinery problems, production cuts, stronger than anticipated demand or hurricanes that impact distribution and production.

Many analysts have predicted that oil prices could drop even further later this year, which would likely lead to lower gas prices. At the close of Tuesday’s formal trading session on the NYMEX, WTI was down 59 cents to settle at $44.65 per barrel.

Drivers can find current gas prices along their route with the CBS Gas Tracker.

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