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Gas prices slowly, steadily decline

Virginia drivers can celebrate this week, as the state was ranked 10th nationwide for least expensive gas prices, AAA Tidewater Virginia announced on Monday.

The average price on Monday for a gallon of gas in Virginia was $2.61, which was three cents less than last week and six cents less than last year, according to the press release.

In Hampton Roads, prices at the pumps are slightly higher than the state average at $2.62. But that’s still three cents cheaper than last week and eight cents cheaper than last year.

Gas prices are declining slowly but steadily nationwide, and the national average dropped by three cents on the week to $2.86. The average on Monday was four cents cheaper than last month, and the same price that was recorded a year ago.

This gas price drop is occurring despite the Energy Information Administration’s latest reports that show an increase in demand to summer-like levels and a decrease in gasoline stocks. This transition to cheaper gas prices indicates that demand and supply are potentially leveling out, according to the press release.

“This is the first time in three months gas prices have shown consistent signs of declining,” said Georjeane Blumling, spokeswoman for AAA Tidewater Virginia, stated in the press release. “However, there are many factors that could quickly push up prices in the coming weeks, including the impact of Chinese tariffs, weather, a major draw in gasoline stock levels, a spike in demand or the volume of Memorial Day weekend travel.

“Pump price movements this week will indicate if motorists will continue to see cheaper gas prices or if this was just a one-week fad.”

Gasbuddy.com on Tuesday morning recorded regular gas prices at Suffolk pumps that ranged from $2.52 to $2.69, which is nearly identical to the $2.53-to-$2.69 range that was recorded on May 1.