Virginia gas prices could ease this weekend

(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 i...