Monday, December 1, 2008

Are You Loving the Price of Gas Now?

High gasoline prices have fallen and drivers are able to get more miles out of their money.

According to AAA-Mid-Atlantic's Weekend Gas Watch, "gas prices may drop even further in the weeks ahead. Gas prices typically rise and fall on crude oil prices as well as supply/demand. All three factors point toward lower prices in the weeks to come."

Martha Meade, Manager of Public and Government Affairs with AAA Mid-Atlantic said, “The wholesale price of gas implies that the nationwide average retail price will fall even lower in the days ahead, enabling motorists to pocket some much-needed spare change for the holidays. The price of oil could continue to decline -- albeit not much -- before leveling off. This would lead to still lower prices at the pump between now and the end of the year.”

According to AAA's Daily Fuel Gauge Report, today's current average price for a gallon of regular gasoline in Virginia is $1.71. (see how Virginia compares to other states.) Meanwhile, according to Virginia Gas Prices, the cheapest gasoline in the commonwealth is in Salem, at $1.42 a gallon. The second highest gas prices ($2.39 a gallon) were reported in neighboring Fairfax County. A sampling of Loudoun County prices shows that gallon will run $1.75-$1.79 in Leesburg; $1.79-$1.92 in Sterling; and $1.88-$1.93 in Ashburn.

AAA also reports that gasoline consumption is down again, according to the U.S. Department of Energy. The rolling four-week average is nearly 3% below the same time last year. Demand has fallen every month from March through September and vehicle-miles-traveled have dropped for 11 straight months, falling 4.4% in September.

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