Richmond, Virginia (December 6, 2021) – Pump prices continue to tumble as fears of a possible COVID-19 global economic slowdown pushed oil prices into the mid $60s per barrel—a price not seen since August. Also helping to ease upward pricing pressure was the decision by OPEC and its oil-producing allies not to cut production. The national average for a gallon of gas dipped 4 cents on the week to $3.35. For consumers, gasoline prices were last this low on October 20.
"Consumers may be catching a break at the pump right now, but it's not for a very good reason," said Morgan Dean, AAA Mid-Atlantic spokesperson. "A potential COVID-19 induced economic slowdown hurts everyone and could prompt OPEC to slash production if oil prices drop too low."
Gasoline supplies increasing last week, combined with a slight decrease in demand along with lower crude oil prices fueled a drop in the price at the pump. Today's national average of $3.35 is seven cents less than a month ago and $1.19 more than a year ago. Virginia’s average of $3.22 is two cents less than a week ago, seven cents less than a month ago, but $1.14 more than this day in 2020.
