It was a red-hot summer, but not just for the weather; gas prices saw significant increases after months of lower prices. However, as the heat from the summer recedes, gas prices too are cooling off.
The lowest local prices for a gallon of regular unleaded gas this week was $3.59 in Gainesville and $3.69 in Nokesville, which is five cents lower than last week.
"After increasing steadily from a July 2 low of $3.33 to a September peak of $3.87 per gallon, the national average price at the pump has begun to retreat," AAA reports.
According to the agency, the highest price in September was seven cents below the highest prices this year of $3.94 in April. The national average price for a gallon of regular self-serve gasoline fell to $3.83 per gallon Friday, which was four cents lower than last week.
In contrast, gas is 26 cents more than a year ago and 28 cents below the record high of $4.11 set in July 2008.
“AAA continues to expect prices at the pump will trend lower heading into the last three months of the year,” said Martha M. Meade, Manager of Public and Government Affairs for AAA Mid-Atlantic. “The arrival of autumn this weekend has been met with falling temperatures and stabilizing gas prices. Less expensive winter-blended gasoline now at the pump, coupled with lower demand and lower crude oil prices, should support further price declines as we move toward the end of the year.”
Analysts believe crude oil will continue to decline over the next six to nine months, which would support lower prices at the pump. The oil market is well supplied and Saudi Arabia, Canada and the U.S. have said they will increase production.
AAA warns that any disruption due to tensions in the Middle East or hurricane-related refining or production interruption could lead to increased gas prices.
Check the gas prices throughout the area here.
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