Gas station workers around South Boston have been busy this week changing signs.
At first, the figures were heading down and briefly dipped below $3 a gallon Tuesday.
By Thursday, the numbers changed again, and in some cases increased dramatically by more than 10 cents in a matter of days.
Still, the overall state trend has been lower over the last week across Virginia and the nation.
Whether that overall decline — despite Halifax County’s jump in recent days — will continue or nudge upward as is tradition heading into the warmer months remains tied to what happens with the global price of oil.
Auto club AAA reported the average for Halifax County was $3.13 a gallon for Thursday, matching the state average, something of a rarity.
Nearby Mecklenburg County was averaging $2.99 per gallon Thursday, according to AAA.
Overall, Virginia prices have dropped by 7 cents in a week and are 27 cents a gallon lower than a month ago.
It was about a year ago when the prices started jumping well north of $3 a gallon. Compared with 365 days ago, prices are now 29 cents cheaper.
“The national average has resumed its decline after a pause last week as oil and wholesale gasoline prices fell on worrisome inflation figures showing the Fed likely to ramp up rates to slow inflation,” said Patrick De Haan, a spokesperson with GasBuddy.
A majority of states — 9 out of every 10 — had decreases at the pump, with the exception of the West Coast that’s transitioning to summer blends.
“For the weeks ahead, tradition tells us to expect prices to move up eventually, but that could at least be partially offset by inflationary data that continues to be hotter than expected, leading to anxiety that the Fed will boost interest rates and cooling the economy and oil demand considerably,” De Haan said.
However, 10 years ago motorists were feeling worse pains at the pump. In 2013, the Virginia average for a gallon of gas was $3.69, according to Gas Buddy.
AAA spokesperson Morgan Dean attributed the current drop to the price of crude oil declining about $5 per barrel.
“The cost for oil accounts for 55% of what we pay at the pump,” Dean said, “so higher or lower oil costs will play a major role in the price we pay when fueling up.”
Demand increased slightly last week, AAA reported, while total domestic gasoline stocks decreased.
If demand continues rising — amid tightening domestic stocks — drivers could see an end to future pump price drops, according to AAA.
