RICHMOND, Va. -- The average price for a gallon of gas fell ten cents over the past week in Virginia, according to AAA Mid Atlantic. In the Richmond/Metro the drop was even more pronounced, falling 13 cents per gallon since last week.
Nationally, the price per gallon sits at $4.80. Tuesday, the Virginia average was $4.59, and in Richmond, the average price was $4.57.
AAA Mid Atlantic said classic supply-demand dynamics are driving the dip in prices, which remain near historically high levels. Fewer drivers fueled up over the past week, while the supply of gasoline in the U.S. has increased, AAA said.
The question for many drivers, who are still feeling the financial strain at the pump, is whether the price drop is a short-term blip or a longer-term trend.
"Domestic gasoline demand dipped recently, which took some of the pressure off of pump prices. About 80% of stations are now selling regular for under $5 a gallon," said Morgan Dean, AAA Mid-Atlantic spokesperson. "But July is typically the heaviest month for demand as more Americans hit the road, so this trend of easing prices could be short-lived."
The price for crude oil increased at the end of last week, a sign that comprises expect demand to pick back up. Still, on Tuesday the price of crude plummeted once again to below $100 below for the first time since May.
At the Wawa on Arthur Ashe Boulevard in Richmond, Ryan Williams joked that the $25 cash he paid to get fuel might “get him to the light” right around the corner.
“I would say it’s definitely killing everyone’s budget. Making us make different decisions on how we would get to work and get to school, wherever we’re going,” Williams said.
Williams is the owner of Juice Life RVA, a fresh-pressed juice shop in Shockoe Bottom and has been riding his bike to and from the shop because of high gas prices. A lifestyle change he said is healthy for his body and wallet.
“Yeah, I’ve been exercising more, riding my bike. I’m like two miles from my juice bar,” he said. “I’m probably going to keep biking maybe until they drop down about 50 more cents. Actually, two more dollars would be great!”
You can find the cheapest gas in Central Virginia using the CBS 6 Gas Tracker.
