A huge sigh of relief may be heard across the Commonwealth on Wednesday.
According to Triple-A, at $3.21, the average price of gas in Virginia is now the same as it was one year ago today.
The state average is down three cents overnight, down 12 cents in the past week, and down 27 cents in the past month, Triple-A reports.
"After the roller coaster ride that we've been on with gas prices this year, where we hit all-time record highs back in May, and then set new ones in June, and seeing prices drop steadily throughout the fall, we're back right at the same number that we were a year ago," AAA Spokesperson Morgan Dean said. "I think drivers are welcoming that. They're realizing that there are a few more coins in their pocket, heading into the holidays, and I think everybody can embrace that."
It is also $1.65 less than it was back on June 14 when Virginia set a new all-time record high gas price of $4.86 per gallon.
Wednesday's national average of $3.35 is down 14 cents in the past week and down 45 cents in the past month. Triple-A says it’s also just one penny higher than the national average price on this same day in 2021.
Triple-A said the sharp decline at the pumps could slow somewhat given the decision by OPEC+ over the weekend to continue cutting production but that the decrease in prices will likely continue.
"In some situations that can cause really big shockwaves through the industry, that when they announced this a couple of months ago, at that time period, it did send prices back up," Dean said. "We have not seen that so far. That's not to say that it can't happen, there could still be some ripple effects from it."
OPEC+, which represents a group of 23 oil-producing nations including Saudi Arabia and Russia, decided on Sunday to maintain output cuts of two million barrels per day or about two percent of world demand. '
According to Triple-A, the move is to boost the global price of oil, which has fallen recently on fears of demand weakness, specifically in China.
Ten states now have a gas price average below $3/gallon. Texas is the least expensive state in the country right now with an average of $2.78 per gallon for regular unleaded.
Several Virginia communities now have locality averages below $3/gallon: Warren County ($2.90), Wythe County ($2.96), Alleghany County ($2.97), and Gloucester County ($2.97). Triple A also said several other Virginia communities have gas price averages at or around $3/gallon on Wednesday.
Because of these lower gas prices - AAA says more drivers may be heading home for the holidays and that it could surpass what we saw at Thanksgiving.
"There's a very good chance that somebody who might have been concerned about being able to afford to put gas in their car," Dean said. "But they might now be looking at those prices and saying you know what, maybe let's get in one more trip at the end of the year here and visit family that we didn't get to see because gas prices were so high back in the summertime. "
AAA says they will release a new holiday traffic report next ahead of the busy travel schedule.