RICHMOND, Va. (WRIC) — The average cost at the pump in Richmond is still decreasing after a three-week pattern of decline.
According to GasBuddy, gasoline prices in the city are now averaging $4.72 per gallon as of Monday. This is a decrease of 15.6 cents per gallon in the last week.
This decline is in the midst of overall increasing prices. Prices in Richmond are 29.7 cents per gallon higher than a month ago and $1.80 higher than this time a year ago.
However, despite Independence Day weekend gas prices estimated to be at an all-time high, prices continue to drop from peak prices in early June.
“With Independence Day a week away, gas prices have continued to fall for the second straight week as the price of oil has faltered, ushering in the drop we’re seeing,” Patrick De Haan, head of petroleum analysis at GasBuddy, said. “While prices will be at their highest July 4th level ever, they’ll have fallen close to 20 cents since our peak in early June. The good news is we could also see a third straight week of decline.”
In addition to Richmond, neighboring areas are also seeing gas price decreases. Virginia Beach stands at $4.80 per gallon, Washington DC at $5.02 per gallon, and Maryland with a state average of $4.84 per gallon. All of these prices are down from last week.
This downward shift is on trend with the rest of the country. According to GasBuddy data, the national average cost of gas has fallen 8.8 cents per gallon in the last week, averaging $4.88 per gallon today. This average is up 28.3 cents per gallon from a month ago and $1.79 per gallon higher than a year ago.
Despite the current decline in prices, drivers should still be aware that these numbers may soon rise again thanks to supply changes and extreme weather.
“Motorists should be wary that while the decline could continue for the week ahead, any sudden jolts to supply could quickly cause a turnaround, and risk remains that when the peak of hurricane season arrives, we could see a super spike at the pump.” De Haan said.