Amid rising gas prices in the United States due to the war between Russia and Ukraine, some stations in Virginia and throughout the Mid-Atlantic are lowering the price of gas to as low as $3.49 per gallon.
The convenience store chain has lowered the price of its Unleaded 88 gas to $3.99 a gallon and the price of its E85 gas to $3.49 a gallon. A spokesperson for the company said in a statement that Unleaded 88 is approved by the EPA for use in vehicles for model years 2001 or newer as well as light-duty trucks, SUVs, and Flex Fuel vehicles, as per WTVR.
Low Gas Prices
They added that E85 contains more ethanol, roughly 51% to 83%, and is incompatible with all vehicles. The type of fuel was specifically designed for "flexible fuel vehicles" or FFVs. The severely lower price will only last until the Jul. 4 holiday weekend, an announcement by the gas station said.
The lowered price comes as the average gas price around Richmond is $4.71 a gallon and comes amid Russia's continued invasion of Ukraine. Some drivers might be able to take advantage of the prices as there are more than 650 Sheetz locations in Pennsylvania, West Virginia, Virginia, Maryland, Ohio, and North Carolina.
According to CBS News, on Monday, the average price of gas in Pittsburgh dropped below $5, but prices still sit 30 cents higher than they did last month. The reduced prices in some regions were made to "help reduce pain at the pump for customers."
Despite this and the relief in gas prices seen in the latter half of June, a return to previous prices could be difficult to achieve. CIBC Senior Energy Trader Rebecca Babin said during an interview that price decline potentially continues if there is a drop-off in demand.
They noted that prices at the pump have come off roughly 2% to 3%, whereas the prices of commodities have come off 10% to 15%. This shows an unequal relationship and comes as demand continues to remain high and comes as China is starting to reopen.
Rise of Oil Prices
Consumers are now starting to see some pressure taken off their wallets when making their stop at the local gas pump. The average price of regular unleaded gas dropped for the second straight week last week.
Currently, the average price of regular gasoline nationwide is $4.91 a gallon, which is down from an all-time high of $5.03 a gallon in Jun. 3. However, motorists continue to pay through the roof to fill up the tank compared to previous periods.
In the past month, the national average price for regular unleaded gas increased by $0.28 and is $1.79 per gallon higher compared to a year ago. Furthermore, diesel prices are still hovering around $6 a gallon on average across the country.
Forecasts estimated that gas prices could drop by $0.20 a gallon ahead of the Jul. 4 holiday and then increase again as people go take summer vacations. Babin said similar trends could also occur, with prices going back on the rise amid tight refining capacity in the oil industry, Yahoo Finance reported.
Related Article: Russia Becomes China's Largest Oil Supplier; Xi Jinping Says Ukraine War Is "Alarm for Humanity" Despite Not Giving Indication To Resolve It
