Gas Prices Drop Through End of Year; Highest Prices Ever in 2012

| December 15, 2012 | 0 Comments | Bristow Biz

Residents will soon see the lowest gas prices in 2012. These price drops will be a welcome gift to Virginia motorists prior to the holidays.

According to AAA, gas prices are expected to continue to fall as 2012 draws to an end.

“Although 2012 will be the most expensive year on record for gas prices, AAA believes gas prices will continue to decline and motorists could actually pay the lowest gas prices of the year by New Year’s Eve,” said Martha M. Meade, Manager of Public and Government Affairs for AAA Mid-Atlantic.  “Motorists are welcoming any relief at the pump, especially as the holiday season is underway.  However, there is a small chance that pump prices could rise or remain flat as a result of rising oil prices and other economic factors.”

The Virginia average price for a gallon of regular self-serve gasoline dropped seven cents in the past week to $3.13 Friday, which is 12 cents less than one month ago and even three cents less than one year ago.

“While national retail gas prices have declined each day during the past week, crude oil prices increased slightly early in the week, as market attention has focused on the impact of the looming U.S. fiscal cliff and the broader health of the global economy,” AAA reports.

Although prices have consistently trended downward since mid-September, they continue to be the highest on record for the current calendar day, a streak that began on August 20.

Check current local gas prices here.

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