Gas Prices May Drop Soon

Drop in Crude Oil Costs Good Sign for Drivers
A gas pump
The price of crude oil just fell to the lowest it's been since Summer 2021 Photo credit David Lefkowitz

Richmond, Va. ( - After what AAA's Morgan Dean called a "rollercoaster" in early 2023, gas prices may be on their way back down, at least for now.

Though prices often bump this time of year -- since warm-weather gasoline blends are slightly more expensive to produce than cold-weather gasoline blends -- crude oil prices fell last week. Global oil prices plummeted to the mid-$60 range per barrel, the lowest since August 2021. Since 55% of gas prices hinge on crude oil prices, this could signal good news for drivers.

The Virginia gas price average fell a cent overnight to $3.23, the same price as a week ago and down $0.93 from this time a year ago. In Richmond, the average cost of a gallon of gas is $3.22, also down $0.93 from last year.

Featured Image Photo Credit: David Lefkowitz