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.”
