RICHMOND, Va. — The national average price of gasoline has fallen under $3 a gallon for the first time since May 2021 and each state saw a drop in prices over the last week, according to GasBuddy.
"We haven’t seen the national average fall this low in over four years, and the speed and breadth of the decline are remarkable," said Patrick De Haan, head of petroleum analysis at GasBuddy. "Every single state has seen relief at the pump over the past week, a rare feat that underscores how challenging the fundamentals are for gasoline prices right now. This is a welcome break for Americans ahead of the holiday season and comes as refinery maintenance season concludes and gasoline demand weakens seasonally."
In Virginia, the average cost for a gallon of regular gas is $2.85, GasBuddy reports. In the Richmond area, regular gas is going for as little as $2.48 per gallon. Click here to track the best prices.
GasBuddy says the drop in prices has been driven by a combination of easing crude oil costs—helped by additional supply from OPEC+ and continued record U.S. oil production, robust refinery output and softer seasonal fuel demand.
GasBuddy says the United States refineries have returned to strong utilization rates, which boosts inventory at a time consumption naturally tapers.
"We could see the national average spend more of the next four weeks below the $3-per-gallon mark than above it— a trend that may continue into the winter before prices begin their typical climb in mid-February," De Haan added. "As we get closer to 2026, the outlook for another friendly year for motorists is strengthening."
Where are you seeing the lowest gas prices in Central Virginia? Email your thoughts to the CBS 6 Newsroom.
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