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Gas prices continue to decrease nationally and locally

Sunday's national gas price average is $2.43

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As temperatures dropped throughout the region this week, so have prices at the pump.  Like the national gas price average, prices in Virginia have dropped by as much as three cents since last Sunday. According to AAA Mid-Atlantic, drivers can expect pump prices to continue to drop heading into the holiday season as supply strengthens and gasoline demand weakens.

Sunday’s national gas price average is $2.43, which is four cents lower than one week ago, 13 cents lower than one month ago and 19 cents higher than this time last year. In Virginia, the state average gas price is $2.24 and also shows a decrease from $2.27 last week. The average gas price in Roanoke is $2.24.

At the close of NYMEX trading Friday, West Texas Intermediate crude oil settled at $56.30 per barrel, six cents lower than the previous week. The International Energy Agency reported this week that total oil supply growth may outpace the increase in global demand in the coming year, with supply from the non-members of OPEC expected to rise. The Energy Information Administration forecasts WTI crude oil prices will average $53 per barrel in 2018. 

 “Nationally, gas prices are 10 cents cheaper on the month and will continue to drop as we count down the days to the holidays,” said Tammy Arnette, senior public affairs specialist for AAA Mid-Atlantic. “AAA expects gasoline demand to weaken throughout the winter, which translates to better prices at the pump.” 


AAA forecasts 107.3 million Americans will take to planes, trains, automobiles and other modes of transportation during the year-end holiday period.  Despite paying the highest year-end gas prices since 2014, more than 90 percent of all travelers – 97.4 million – are planning a holiday road trip, an increase of 3 percent over last year.  This will be the highest year-end travel volume on record and a 3.1 percent increase in travel volume compared with last year. 2017 marks the ninth consecutive year of rising year-end holiday travel
 


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