Gas prices in Virginia drop to lowest of the year

Courtesy: AAA

VIRGINIA BEACH, Va. – As the holiday weekend comes to a close gas prices have dropped to the lowest they have been all year.

AAA Tidewater said as of Monday, the price for unleaded gas in the Commonwealth is $2.35, which is four cents less than last week, a 24 cent drop from last month, and only a five cent increase from last year.

In Hampton Roads, gas prices are even lower at $2.26 per gallon of regular gas, a five cent drop from last week and 27 cents less than last month.

National gas prices have dropped seven cents down to $2.56 on average.

AAA said, “Gas prices have been cheaper in the U.S. as crude oil sells at $57/bbl and the lowest price of the year. However, market observers warn crude could see an increase following the Organization of Petroleum Exporting Countries (OPEC) meeting on December 6 in Vienna, Austria. At that meeting, OPEC is expected to curtail crude production by 1 million to 1.4 million barrels per day, which could cause crude prices to rise due to reduced global supply, in turn causing gas prices to turn higher in America.”