(The Center Square) – Virginia drivers could begin seeing gas prices fall this weekend after oil prices dropped sharply following developments in the Middle East.
Oil prices fell after Iran announced the Strait of Hormuz is open again under a ceasefire, easing concerns about global supply disruptions. The waterway carries a significant share of the world’s oil.
When supply is threatened, prices rise. When supply stabilizes, prices tend to fall.
AAA reports the average price for regular gas in Virginia at $3.93 per gallon as of Friday. That is down from $3.95 the day before and about 11 cents lower than a week ago, when prices were above $4.04.
In the Richmond-Petersburg area, prices have fallen faster. AAA data shows regular gas dropping from about $4.10 last week to $3.94, a decline of roughly 15 cents.
GasBuddy data shows similar trends, with some stations already pricing gas well below the statewide average.
GasBuddy listings across Virginia show prices between $3.34 and $3.49 per gallon at stations including Sheetz, Sunoco and Costco.
That suggests lower wholesale costs are beginning to reach consumers.
GasBuddy analyst Patrick De Haan said the drop could accelerate.
He said oil prices fell about 10% and gasoline futures dropped roughly 16 cents per gallon. He expects the national average could fall into the $3.65 to $3.85 range in the coming weeks if tensions do not escalate.
AAA data shows price differences across Virginia.
Drivers in Northern Virginia are paying more, with Fairfax County averaging about $4.16 per gallon. Other areas are lower, including Hanover County near $3.90 and Halifax County around $3.91.
Those differences reflect transportation costs, taxes and regional demand.
Lower gas prices affect more than just drivers.
Fuel costs are built into shipping and delivery. When prices fall, it can reduce business costs and ease pressure on consumer prices.
AAA data shows prices are down about 10 cents from last week, which could save a typical Virginia driver roughly $1 to $2 per fill-up depending on tank size.
However, the savings are not immediate.
Stations must sell fuel already in storage before lowering prices. That can delay the full impact by several days.
There is also uncertainty tied to global events.
The Strait reopening is linked to a temporary ceasefire. If that changes, oil prices could rise again.
For now, prices are trending lower.
