Why is Uber slashing prices in Richmond?

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RICHMOND, Va. — Richmond is among the 48 cities in which Uber slashed prices Friday. In addition to Richmond, Uber said the seasonal prices cuts are happening in Miami, Orlando, San Diego, Denver, Atlanta, Salt Lake City, Dallas, Detroit, Baltimore, Milwaukee, Minneapolis, Albuquerque and Oklahoma City, among others.

The company said it was doing this to “beat the winter slump” and to benefit the drivers.

“More demand turns into significantly more efficiency for the driver, more trips for every hour, and more earnings for every hour on the road,” said Uber via blog post.

Uber said that in Chicago, which it described as “the cheapest of all Uber’s U.S. cities,” fares are 23 percent less and drivers are making 12 percent more in fares per hour.

Uber made the announcement just days after cities around the country experienced skyrocketing prices on New Year’s Eve. The most extreme price spike happened in Orlando, where Uber charged almost nine times in normal rate.