(NewsNation/WFXR) — Some consumers are still feeling pain at the pump, but drivers are starting to see some relief. After hitting never-before-seen levels last month, gas prices are now trending downward.
According to AAA, the average price of regular gasoline is $4.72 a gallon in the U.S. and $4.51 a gallon in Virginia as of Friday, July 8, down from $4.84 and $4.65 a week ago, respectively. It’s also down from the record $5.01 hit by the U.S. and $4.87 hit by Virginia on June 14. However, prices are still $1.58 higher in the U.S. and $1.57 higher in Virginia than this time last year.
Experts say this is because the gasoline supply has improved — refineries are producing more gas, diesel and jet fuel.
While drivers can expect to see this trend continue for another two or three weeks, it will likely slow down soon.
The recent interest rate hike and the ongoing conflict between Russia and Ukraine will limit how much the gas price dips.
“We probably won’t go back to normal prices until there is a long-term resolution with Russia and Ukraine. Until there is a new power installed in Russia or a regime change in Russia,” said Patrick de Haan, the head of petroleum analysis at GasBuddy.
Experts continue to advise consumers to use apps like Waze, Google, or GasBuddy to find the most competitive gas prices in their neighborhood.
As the price continues to drop, experts say drivers will likely see more competition among gas stations to attract customers.