NORFOLK, Va. - Oil prices in the U.S. have returned to the two-digit territory.
The cost of a barrel fell more than 8%, down to $99.76. It's the first time oil has dipped below $100 since March 1.
Traders say this drop came largely from COVID-19 lockdowns in China and possible progress in the talks between Ukraine and Russia.
At the Costco gas station in Norfolk, gas is under $4 at $3.95.
Drivers lined up to get gas Tuesday. Cars were wrapped around the parking lot to take advantage of prices.
People say they are thrilled to see declining gas prices.
"I couldn’t believe it. I’ve been seeing $4 and $4.34 like that. When we turned the corner, I saw it was under $4, and I said, 'It’s time to fill up,'" one driver said.
The average gas price in Hampton Roads is $4.18. That's down three cents from Monday and nine cents down from last week.
"The primary reason we’re seeing a decline in gas prices in the last day or two is the price in crude oil has started to drop, and that makes up the price we pay at the pump," Holly Dalby, the spokesperson for AAA Tidewater, said.