Holiday savings at gas pumps

Published 10:11 pm Tuesday, December 11, 2018

Virginia motorists have plenty to be merry about at this point in the holiday season, including the cheapest gas prices they’ve seen all year, AAA Tidewater Virginia announced on Monday.

The average price for unleaded gas on Monday was $2.22 per gallon in Virginia, which was a five-cent drop from last week, a 25-cent decrease from last month and five cents less than last year.

According to the press release, drivers in Hampton Roads are saving even more at the pumps with an average of $2.14 per gallon. That’s five cents less than last week, 25 cents cheaper than last month and a nine-cent drop compared to last year.

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Gas prices nationally are dropping to an average of $2.42, and AAA expects the national gas price average to drop to as low as $2.40 per gallon by the end of the year.

“Motorists are noticing a big difference as they fill up at the gas pump this month,” AAA Tidewater Virginia spokesperson Georjeane Blumling stated in the press release. “Month-over-month, gas price averages have dropped double digits. In some areas in Virginia, gas prices are nearing $2 per gallon — something that hasn’t been seen since December 2017.”

There is concern, however, that prices may escalate going into 2019.

According to the press release, the Organization of the Petroleum Exporting Countries announced Friday that the cartel and non-OPEC members — including Russia — will reduce production by 1.2 million barrels per day for the first six months of the year. This has the potential to increase oil and gas prices as the global supply of crude oil is reduced, according to the press release. on Tuesday recorded regular gas prices at Suffolk pumps that ranged from $2.19 as low as $1.97, a sharp decline compared with the $2.07 to $2.25 range that was recorded on Nov. 27.