Gasoline prices are still dropping but have not yet reached the lowest levels reported this year.
As of Monday, the average price of a gallon of regular unleaded gasoline in Virginia was $3.32. This price is 15 cents below the national average of $3.47, six cents lower than last month, and 35 cents less than one year ago, according to Morgan Dean of AAA Mid-Atlantic.
The last time Virginia’s average price was $3.32 was on July 1. The last time it averaged below $3 was on January 26. The current average is similar to prices in late June but still higher than the year’s low of $2.91 on January 14. Gas prices in Virginia have remained above $3 per gallon since January 26, Dean noted.
In Tennessee, the statewide average is even lower, standing at $3.07, according to AAA.
“With oil prices dropping due to new concerns over the U.S. economy after a poor jobs report, gasoline prices have decreased in many states. More states may join this trend as previous refinery disruptions in the Great Lakes region are resolved and the restart process begins,” Patrick De Haan, head of petroleum analysis at GasBuddy, stated in his Monday blog.
Last Friday, the Labor Department reported a sharp decline in July hiring and an increase in the unemployment rate for the fourth consecutive month. July hiring was 35% lower than expected, and the national jobless rate rose to 4.3%, the highest since October 2021.
“Diesel prices have also continued to drop. While Tropical Storm Debby is causing heavy rain in Florida and the Southeast, it poses a low risk to refineries or refined product pipelines, so the storm is not a major concern,” De Haan wrote.
In Bristol, gas prices are around the $3 per gallon mark, ranging from $2.94 to $3.33, according to GasBuddy.com.
Most locations in Southwest Virginia reported prices in the $3.20 per gallon range, according to AAA. Wythe County had an average of $3.13, and Buchanan County had a higher average of $3.49 per gallon.
Prices are generally lower across the border in Northeast Tennessee, led by the Bristol-Kingsport market with an average price of $3.01 per gallon. Johnson City reported prices at $3.04 per gallon.