Gas prices fall, but don’t celebrate yet

RICHMOND, Va. (WTVR) – The price of gas in Richmond dropped over the last week. The average price in Central Virginia is about $3.55 a gallon for regular gasoline.

Industry analysts at Gasbuddy.com said prices may not continue to drop, because refineries are switching over to the cleaner, more expensive burning gas for summer.

U.S. gasoline prices broke a nearly three-month upward spiral in early March, and motorists can expect a bit more relief in the coming weeks, according to the latest Lundberg Survey.

The average price of regular across the continental United States stood at $3.74 on Friday, a 5½-cent drop from the last Lundberg report on February 22, survey publisher Trilby Lundberg said. That comes after an increase of nearly 54 cents since late December, she said.

Crude oil, which makes up about 70% of the price at the pump, went down slightly in the past two weeks, Lundberg said. Most refineries have finished their seasonal maintenance and are gearing up for spring and summer driving demand, meaning fuel supplies are “more than adequate.”

“More pump-price declines seem to be on their way, maybe more than a dime,” she said.

The Lundberg Survey canvasses about 2,500 filling stations every two weeks. The most expensive gasoline in the latest survey was in Los Angeles, where fuel averaged $4.23 per gallon; the cheapest was in Billings, Montana, at $3.31.

Average per-gallon prices in other cities:

Atlanta: $3.71

Boston: $3.78

Chicago: $4.00

Denver: $3.52

Houston: $3.56

Long Island, New York: $3.97

Miami: $3.83

Minneapolis: $3.68

Norfolk, Virginia: $3.59

Portland, Oregon: $3.77

Tulsa, Oklahoma: $3.50

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