As global and national gasoline prices continue to trend downward, the average cost for a gallon of gas in Virginia has fallen below $4.
As of Aug. 2, the average gallon of gas costs about $3.97, according to numbers provided by AAA. For a gallon of diesel, the average cost is dipping closer to $5 per gallon, but still sits at about $5.16. This is much lower than gas prices one month ago, which were about $4.63 for a gallon of regular gas and more than $5.70 for diesel.
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The average price for a gallon of gas nationwide has reached the the $5 threshold, according to Thursday reports.
“According to GasBuddy, the national average has reached $5 per gallon,” said GasBuddy’s Patrick De Haan.
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Gas prices hit another record high Tuesday, the latest in more than a dozen record high days this month.
Gas prices had hit record highs every day for two weeks during May before dipping down slightly. Now, with two consecutive record days, another run of record highs may be on the way.
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Gas prices have soared to new heights this month with the price of unleaded regular gas hitting a record high every day for the past two weeks. With Memorial Day weekend approaching, motorists face steep costs if they plan to travel.
According to AAA, the national average regular unleaded gas price Tuesday came in at $4.60, a record high. Diesel gasoline is at $5.55 per gallon, just below the record set last week.
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Newly released federal inflation data show that prices continue to rise at the fastest rate in four decades, continuing the trend of soaring inflation.
The Bureau of Labor Statistics released its Consumer Price Index, a key indicator of inflation, which showed prices rose an additional 1.2% in March, part of an 8.5 percent spike in the past 12 months.
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The price of gasoline is set to increase to $4 per gallon or more within five months, according to an industry analysis released Tuesday.
The gas price surge is forecasted to take place by Memorial Day in late May, according to the report from GasBuddy, an app that tracks pump prices, and shared with CNN. But the analysis said the average cost of gasoline at pumps nationwide would then fall throughout the summer and fall of 2022, declining below current prices.
“We could see a national average that flirts with, or in a worst-case scenario, potentially exceeds $4 a gallon,” Patrick De Haan, the director of petroleum analysis at GasBuddy, told CNN.
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The Virginia Department of Transportation (VDOT) is encouraging holiday drivers to take it slow, and its using creative messaging to get its point across.
“Visiting In-Laws? Slow Down. Get There Late.” an electronic sign on a Virginia highway says.
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Oil prices hit a 7-year high this week as American oil and gas companies continue to fight the Biden administration over policies restricting production.
As the economy began to reopen this year and the demand for fuel increased, President Joe Biden, through executive order, halted and restricted oil and gas leases on federal lands, stopped construction of the Keystone Pipeline, and redirected U.S. policy to import more oil from Organization of the Petroleum Exporting Countries and Russia (OPEC+) instead of bolstering American oil and gas exploration and production.
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A major pipeline used to deliver gasoline to the eastern U.S. has been shutdown by hackers, leading to higher gas prices and decreased availability in some areas of Virginia. The Colonial Pipeline was targeted by a ransomware cyber attack on Friday, and the company took some systems offline in response, leading to the pipeline shutdown.
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