Thursday, December 1, 2022

Here’s what you need to know about gas prices as fall approaches

Gas prices are expected to tumble as summer turns to fall.

Fuel prices could drop by 14 cents per gallon nationwide this fall, according to a news release from AAA.

In Hampton Roads drivers are paying $2.59 for a gallon of gas on average. That matches the Virginia average, and is already down 17 cents since Memorial Day.

Prices are expected to continue to fall for a variety of reasons. By the middle of September gas stations will begin pumping winter-blend fuel, which is cheaper to produce than summer-blend gasoline.

Fuel demand typically falls each autumn as well, as fewer drivers take vacations and road trips once the summer ends.

“Cheaper-to-produce gasoline and relatively stable crude oil prices in August, combined with an anticipated drop in consumer gasoline demand post-Labor Day, means consumers will see savings when they fill-up at the pump this fall,” said Georjeane Blumling, spokeswoman for AAA Tidewater Virginia. “However, several outliers can reverse this forecast, including crude oil prices, geopolitical tensions and the mere threat of a hurricane.”

According to AAA, the market for crude oil has been volatile in 2018, and that could carry over into fall. Some market forces that could cause fuel prices to spike include the crashing economy of crude oil-producing Venezuela, geopolitical tensions in the Middle East, and the implementation of sanctions on Iran.

September and October are peak months in hurricane season, and the National Oceanic and Atmospheric Administration is predicting an active season, potentially meaning more large storms than in most years.

Hurricanes typically drive up gas prices by presenting logistical challenges and supply constraints to gas companies.

John Mangalonzo
John Mangalonzohttp://wydaily.com
John Mangalonzo (john@localdailymedia.com) is the managing editor of Local Voice Media’s Virginia papers – WYDaily (Williamsburg), Southside Daily (Virginia Beach) and HNNDaily (Hampton-Newport News). Before coming to Local Voice, John was the senior content editor of The Bellingham Herald, a McClatchy newspaper in Washington state. Previously, he served as city editor/content strategist for USA Today Network newsrooms in St. George and Cedar City, Utah. John started his professional journalism career shortly after graduating from Lyceum of The Philippines University in 1990. As a rookie reporter for a national newspaper in Manila that year, John was assigned to cover four of the most dangerous cities in Metro Manila. Later that year, John was transferred to cover the Philippine National Police and Armed Forces of the Philippines. He spent the latter part of 1990 to early 1992 embedded with troopers in the southern Philippines as they fought with communist rebels and Muslim extremists. His U.S. journalism career includes reporting and editing stints for newspapers and other media outlets in New York City, California, Texas, Iowa, Utah, Colorado and Washington state.

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