Gas prices: Drivers should see some price relief this week at the pump

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MILL VALLEY, CA – MARCH 03: A customer pumps gasoline into his car at an Arco gas station on March 3, 2015 in Mill Valley, California. U.S. gas prices have surged an average of 39 cents in the past 35 days as a result of the price of crude oil prices increases, scheduled seasonal refinery maintenance beginning and a labor dispute at a Tesoro refinery. It is predicted that the price of gas will continue to rise through March. (Photo by Justin Sullivan/Getty Images)

RICHMOND, Va. (WRIC) — Richmond gas prices have dropped in the past week and are lower than a month ago, according to GasBuddy.

The daily survey of over 500 gas stations in the Richmond region found that gas prices have fallen 2.3 cents per gallon in the last week, and are 2.5 cents lower than last month.

Head of Petroleum Analysis for GasBuddy, Patrick De Haan said, “With oil prices plunging nearly $10 from the recent peak of $85 per barrel, motorists will start to see gas prices decline nationwide, just in time for Thanksgiving, and the decline could stretch for several weeks.”

According to reports, the cheapest station found in RVA comes in at $3.04 per gallon, .37 cents lower than the most expensive station at $3.41 cents per gallon.

Check out where to find the cheapest gas in and around Richmond to prepare for the holiday weekend.

The national average price of gas has fallen 1.9 cents per gallon in the past week but is still coming in hot at $1.30 dollars per gallon higher than last year.

According to AAA, drivers might be seeing a continuing trend of lowering prices at the pump.

AAA said factors such as a resurgence of COVID-19 in the U.S. and Europe causing slower economic activity, as well as reports of the Biden Administration calling for a simultaneous release of stockpiled oil, is putting pressure on prices to continue dropping.

The price per barrel of crude oil has dropped this week from the previous $80 a barrel to the mid-$70s.

“The price of crude oil accounts for about 50%–60% of what consumers pay at the pump, so a lower oil price should translate into better gasoline prices for drivers,” said Andrew Gross, AAA spokesperson.

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