Gas prices fall nearly five cents per gallon across the nation

Posted at 5:35 AM, Jun 25, 2018
and last updated 2018-06-25 05:35:41-04

VIRGINIA BEACH, Va. – Gasoline prices are dropping, making your summer road trip plans a little bit more affordable.

The national gas price average has fallen 5.3 cents per gallon versus last week to $2.83 per gallon, according to GasBuddy.

Gas prices in Virginia Beach have fallen five cents per gallon in the past week, averaging $2.60 per gallon.

Average gasoline prices on June 25 in Virginia Beach have ranged widely over the last five years:

  • $1.98/g in 2017, $2.10/g in 2016, $2.60/g in 2015, $3.56/g in 2014 and $3.39/g in 2013.

Prices on Sunday were 62.3 cents per gallon higher than a year ago and are 20.1 cents per gallon lower than a month ago. The national average has dropped 14.1 cents per gallon during the last month and stands 58.1 cents per gallon higher than a year ago.

“The threat of an escalating trade war with China and others took a back seat to one of the most anticipated OPEC meetings last week: OPEC agreed to increase oil production by just 600 thousand barrels a day, well short of expectations amidst a hot global and U.S. economy. Crude oil prices responded by skyrocketing over 5 percent Friday while refined products, including gasoline, rose 2 percent. The worry is the rally may continue into this week as motorists prepare for the upcoming July 4 weekend,” said Patrick DeHaan, head of petroleum analysis at GasBuddy. “The decision may lead to an abrupt end in recent gas price declines, or may slow it down, just as gasoline prices had been catching up to the prior slump in crude oil. I’m optimistic that we can avoid a $3 per gallon national average, but if gas prices were to mirror the gains in oil prices, a 5% gain would theoretically put us back at nearly $2.99 per gallon, not what you like to see any time, much less prior to the summer’s most popular holiday.”

Click here for live fuel price averages.