Roanoke, Virginia – Roanoke drivers are starting to feel some relief at the pump as gasoline prices have decreased by 2.9 cents per gallon over the past week, settling at an average of $2.84 per gallon. This decline is part of a larger trend observed both statewide and nationally, with significant reductions in fuel costs compared to last year.
Local and National Price Trends
As reported by GasBuddy, a comprehensive survey covering 155 stations in Roanoke, the cost of gasoline has fallen markedly. Currently, local prices are 18.3 cents lower than last month and 30.4 cents cheaper than the same period last year. The disparity in gas prices within the city is notable, with the cheapest station offering fuel at $2.59 per gallon and the most expensive at $3.09 per gallon, marking a 50-cent range.
Statewide, the price variations are even more pronounced, with the cheapest gas at $2.54 per gallon and the highest at $3.99 per gallon—a difference of $1.45.
Insights from GasBuddy
The national average has also seen a decrease, with prices dropping by 2.6 cents per gallon over the last week, averaging $3.03 per gallon. This marks a decline of 16.7 cents from last month and is 32.3 cents lower than prices a year ago.
Patrick De Haan, the head of petroleum analysis at GasBuddy, provided context for the ongoing trend: “While the election has come and gone, gas prices have stayed the course, declining for a fourth consecutive week as seasonal demand weakens.” De Haan also noted that the decrease aligns with predictions from GasBuddy’s annual Fuel Outlook released last December, which forecasted such trends based on seasonal and economic factors.
The report suggests that gas prices may continue to fall as the year progresses, particularly with winter setting in and driving frequency decreasing. De Haan speculates, “With the median U.S. gas price now at $2.95 per gallon, the lowest since 2021, it appears to be just a matter of time before the national average falls below $3 per gallon for the first time since May 2021.”
This comes as good news for consumers, especially as the holiday season approaches, potentially easing the financial burden during one of the busiest travel times of the year. The report concludes with an optimistic outlook for diesel prices, which have already dipped below the $3 mark, providing further economic relief ahead of Thanksgiving.
