AAA Mid-Atlantic reports Virginia’s average gas price has fallen to $1.95 a gallon for regular. That’s down 11 cents in one week and 46 cents lower than a year ago. The last time the state’s average price was below $2 was in November of 2016. The lowest average price statewide is $1.50 a gallon in Cumberland County between Lynchburg and Richmond.
NEWS RELEASE: RICHMOND, VA (Monday, March 23, 2020) Another week, another dramatic drop in gas prices for Virginia drivers even as many cars are sitting idle in garages because of telecommuting and social distancing during the coronavirus outbreak. Virginia’s average gas price is $1.95 today, down 11 cents from a week ago, and down 46 cents from one year ago. The last time gas prices were below $2 for Virginia was in November of 2016. Many drivers are paying much less than the state average with communities seeing gas prices in the $1.60-$1.90 range. Drivers at the pump in Cumberland County in Central Virginia are paying the least today. The average there is just $1.50 per gallon.
Crude oil is the biggest driver of the less expensive gas prices. In the last week, crude oil prices dropped to $22/bbl – a low not seen since 2002. Crude oil accounts for nearly 60% of the retail pump price. When crude is cheap, gas prices follow suit.
“Typically gas prices start to trend more expensive at the beginning of spring, especially as drivers get out to enjoy the warmer weather and travel for spring break. That is not the case this year,” said Morgan Dean, AAA spokesperson. “With Americans urged to stay at home and practice social distancing to slow the spread of coronavirus, we are seeing less traffic on the roadways which will ultimately drive down demand, increase gasoline supply and push pump prices less expensive for the foreseeable future.”
Drivers do not need to rush to the pumps to fill-up. Currently, there is ample U.S. gasoline supply and no disruption to distribution at gas stations.