Virginia ranks top ten least expensive gas prices in time for the 4th of July

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

VIRGINIA BEACH. Va. – Gas prices are continuing to decline in Virginia, and there’s hope that they could drop even lower.

As of June 25, the average price in the Commonwealth was $2.61, a five-cent drop from the week before and a 15-cent drop since last month. Prices have been trending downward since Memorial Day, but if filling the tank feels a little more expensive than this time last year, you’re right – the average price was still 58 cents higher on the 25th than it was at the same time in 2017.

Gas prices may be poised to drop even more following OPEC’s announcement that the cartel will increase production by 1 million b/d in the second half of 2018. However, that number may be revised closer to 600,000 b/d, as there is speculation that some producers – including Libya, Venezuela and Iran – will not be able to meet the quota increase.

Regardless, the production increase is expected to decrease crude prices and in turn drive down gas prices later this year.

“For drivers in Virginia, pump prices likely will not see an impact immediately,” said Vice President of Public Affairs for AAA Tidewater Virginia. “Changes, most likely, are anticipated to hit pump prices late summer or early fall.”

Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.