(WSET) — Gas prices are showing a decline compared to last year, with crude oil prices reaching some of the lowest levels seen in the past three to four years, according to Morgan Dean, a spokesperson for AAA Mid-Atlantic.
Dean explained that the uncertainty in Washington is causing investors to hold back, impacting crude oil prices. He also noted a potential increase in crude oil supply, which could be contributing to the current price trends.
“When we talk about a lot of the things happening in Washington, that creates some uncertainty about where things are going to go in the future,” Dean said. “What will economics look like? What will the prices be? What will the demand be for crude oil?”
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Gas prices in the Roanoke metro area are currently at $2.97 per gallon, down 1 cent from last week, up 14 cents from last month, but down 44 cents from a year ago. Additionally, 17 states have gas price averages below $3 per gallon, including Virginia’s neighboring states of Tennessee, North Carolina, and Kentucky.
Dean mentioned that warm weather typically increases gas prices as people are more likely to travel, creating demand at the pumps. The difference between winter and summer blend gasoline could also contribute to any potential price hikes.