Gas prices continue to drop across Virginia

Drivers say they’re finally able to save some money or use it elsewhere

BEDFORD, Va. – A new report from Gas Buddy shows that the national average is less than $4 a gallon – which is the lowest since early March 2022.

Some drivers we spoke with Tuesday said the lower price is a relief, while others said the prices aren’t low enough.

“I think every little bit that [prices go] down, it helps everyone,” said driver Gregg Reynolds.

“I think [the prices are] a lot better than they were a couple of months ago, but they’re still pretty up there,” said Chasity Kendrick, another driver.

Drivers said that compared to higher gas prices earlier this summer, they’re finally able to save some money or use it elsewhere.

“If it’s just going out and getting something to eat or taking a ride, go to the Peaks of Otter or something; but every little bit helps, especially as a parent,” said Reynolds.

“[It helps] for anything, for rent, for just everyday essentials really,” said Kendrick.

Morgan Dean, AAA Mid-Atlantic spokesman, said lower gas prices are thanks to two key factors, one being the price of crude oil.

“Crude oil was selling for like $115 a barrel a couple of weeks ago. Yesterday, it was selling for just under $90 a barrel, so that shows you some of that difference. About 60 percent of what we pay at the pump is made up of the price of crude,” said Dean.

The other factor is that there’s less demand with more supply.

“Over the past few weeks, we’ve seen a little bit lower demand than we usually see during the busy summer travel season,” said Dean.

Dean said it’s hard to predict what demand looks like from week to week, so they’re not sure how long the lower prices will last, especially while we’re still in the summer months.

Dean suggested shopping around at different gas stations because you can often find prices under the average.


About the Author

Tim Harfmann joined the 10 News team in September 2020 and works at the station's Lynchburg bureau.

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