Well, it isn't much of a drop, but it's a drop nevertheless. And just in time for the Fourth of July weekend.
The average price for a regular gallon of gas in Harrisonburg dipped below the $2.50 mark on Wednesday, according to an informal survey of city stations. The drop likely came as a welcome relief to holiday travelers after motorists in the city and across America watched nearly two months of consecutive price increases.
According to AAA's survey of more than 60,000 self-serve stations, the nation's prices averaged $2.63 on Thursday. Just a week ago, drivers nationally paid about 4 cents more for a gallon of gas on average.
The average price of gas began its retreat last week, when crude oil fell below $70 a barrel. That came on the heels of a record 54 consecutive days of fuel price increases, which ended June 22.
That record is nothing compared to last year, however. Crude oil prices hit $147 a barrel last July, sending the price of gas over $4. Still, Wednesday's price for crude is more than double the $32.40-a-barrel low in December.
"Over the past few months, speculation and the weak dollar have been the root cause behind the rise in oil prices, and consequently, the $1-a-gallon increase in gas prices," said Martha Meade, AAA Mid-Atlantic spokeswoman, in a statement. "But speculation can only carry the market so far, especially when the basic fundamentals of supply and demand indicate prices should be moving downward."
By The Numbers
The highest price in the lower 48 states for a gallon of regular was recorded in California, which averaged $2.98, according to AAA. The lowest price was reported in Missouri at $2.42.
In Virginia, prices averaged $2.50, down 5 cents from $2.55, according to the auto association. The average price in Norfolk hovered at $2.48, in Charlottesville at $2.56 and in Roanoke at $2.41.
Virginia's average is still $1.48-a-gallon cheaper than a year ago, when prices hit $3.98.
AAA expects long-distance travel will be moderate for this holiday, down 2.6 percent from 2008. The declining gas prices, however, could prompt more people to make last-minute decisions to hit the road, Meade said.
Contact Heather Bowser at 574-6218 or hbowser@dnronline.com
B
The average price for a regular gallon of gas in Harrisonburg dipped below the $2.50 mark on Wednesday, according to an informal survey of city stations. The drop likely came as a welcome relief to holiday travelers after motorists in the city and across America watched nearly two months of consecutive price increases.
According to AAA's survey of more than 60,000 self-serve stations, the nation's prices averaged $2.63 on Thursday. Just a week ago, drivers nationally paid about 4 cents more for a gallon of gas on average.
The average price of gas began its retreat last week, when crude oil fell below $70 a barrel. That came on the heels of a record 54 consecutive days of fuel price increases, which ended June 22.
That record is nothing compared to last year, however. Crude oil prices hit $147 a barrel last July, sending the price of gas over $4. Still, Wednesday's price for crude is more than double the $32.40-a-barrel low in December.
"Over the past few months, speculation and the weak dollar have been the root cause behind the rise in oil prices, and consequently, the $1-a-gallon increase in gas prices," said Martha Meade, AAA Mid-Atlantic spokeswoman, in a statement. "But speculation can only carry the market so far, especially when the basic fundamentals of supply and demand indicate prices should be moving downward."
By The Numbers
The highest price in the lower 48 states for a gallon of regular was recorded in California, which averaged $2.98, according to AAA. The lowest price was reported in Missouri at $2.42.
In Virginia, prices averaged $2.50, down 5 cents from $2.55, according to the auto association. The average price in Norfolk hovered at $2.48, in Charlottesville at $2.56 and in Roanoke at $2.41.
Virginia's average is still $1.48-a-gallon cheaper than a year ago, when prices hit $3.98.
AAA expects long-distance travel will be moderate for this holiday, down 2.6 percent from 2008. The declining gas prices, however, could prompt more people to make last-minute decisions to hit the road, Meade said.
Contact Heather Bowser at 574-6218 or hbowser@dnronline.com
B
