December comes with cheaper gas

Published 9:49 pm Tuesday, November 27, 2018

After all the Thanksgiving turkey and with November drawing to a close, gas prices across Virginia are continuing to drop to the lowest average so far this year, AAA Tidewater Virginia announced on Monday.

According to the press release, the average price for a gallon of unleaded gas in the state was $2.35 on Monday, which was four cents cheaper than last week, a 24-cent drop from last month and just a five-cent increase compared to last year.

Gas prices in Hampton Roads are getting even cheaper than the state average. Regular gas cost $2.26 per gallon at Hampton Roads pumps on Monday, a five-cent decrease from last week and 27 cents less than the month before, according to the press release.

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The national gas price average sank seven cents to $2.56, and this decline is leading toward some of the cheapest gas prices this year. The national average was at its lowest last January at $2.49, while May had the most expensive at $2.97.

Market observers, however, warn that crude oil could see a price increase following the Organization of Petroleum Exporting Countries meeting on Dec. 6 in Vienna, Austria. Gas prices have declined as crude oil has been selling at $57 per barrel, which according to the press release is the lowest price of the year.

On Dec. 6, OPEC is expected to curtail crude production by 1 million to 1.4 million barrels per day, which will reduce global supply and potentially cause prices to rise for crude oil and subsequently gasoline. on Monday recorded regular gas prices at Suffolk pumps that ranged from as low as $2.07 to as high as $2.25, a sizable decline compared with the $2.38 to $2.49 range that was recorded on Nov. 6.