RICHMOND, Va. (WRIC) — As 43 million Americans make plans to travel for the Thanksgiving holiday, gas prices have begun dropping.
The drop-off is especially pronounced here in the Mid-Atlantic region.
The average price per gallon of gasoline in Virginia dropped below $2 a gallon Friday and will likely continue dropping as Thanksgiving approaches.
The abundance of crude oil in the global market is considered the largest factor in the price cut. As a result, people are buying more gas than they were a year ago.
“Virginia drivers have a lot to be thankful for this year, as gas prices are falling heading into the Thanksgiving holiday,” says Tammy Arnette, Senior Public Affairs Specialist for AAA Mid-Atlantic. “Historically, gasoline demand tends to decline during the month of November, and with the autumn refinery maintenance season nearing completion, pump prices are expected to move lower to close out the year.”
Enjoy the low prices while they last because reports are saying that OPEC countries are considering cutting oil output, which would impact the amount of available crude oil, which could, in turn, impact retail prices. Those countries are expected to meet Nov. 30.