The national average price for a gallon of gasoline dropped two cents on the week to $2.46. East Coast and Midwest states are seeing the largest drops in gas prices – as much as six cents – in the last week. While a small number of states, who historically experience ongoing volatility, are seeing increases: Indiana (+11 cents), Michigan (+8 cents), Ohio (+4 cents), Hawaii (+1 cent) and Illinois (+1 cent). Drivers can expect pump prices to continue to drop heading into the holiday season as supply strengthens and fall gasoline demand weakens.
Virginia is the 10th least expensive state for gas prices.
“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 Jeanette Casselano, AAA spokesperson. “AAA expects gasoline demand to weaken throughout the winter, which translates to better prices at the pump.”
Consumer gasoline demand is registering under 9 million b/d for the second consecutive week, while gasoline inventories increased by nearly 7 million bbl, according to the Energy Information Administration (EIA).