Average gas price in RVA lowest since 2011

The $2.98 average should drive down even more by year’s end.

October 8, 2014; 9:50 AM • by Nathan Cushing

The average price of gas in Richmond has reached $2.98, the lowest it’s been since 2011, according to AAA.

“Gas prices have been a thorn in the side of Richmond motorists since it peaked at $4.01 per gallon in July 2008,” said Tammy Arnette, Public Affairs Specialist for AAA Mid-Atlantic. “This is undoubtedly great news as Richmond has not seen gas prices average under $3 per gallon in over three years.”

The current national price average for a gallon of gas is $3.27 (see below), with Richmond continuing its pattern of averaging 20-30 cents less than the national average. Richmond’s average price is also lower than neighboring cities.

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AAA attributes the decrease to a relatively placid Hurricane season that allowed production to operate without interruptions. With the summer driving season over, gas demand has waned with crude oil trading under $100 per barrel since the end of July.

AAA expects the national average for a gallon of gas will drop 10-20 cents by the end of the year, with Richmond’s average likely sinking lower than the current $2.98.

Photo by Mike Mozart