Virginia’s gasoline prices have dropped $0.14 over the past month according to AAA, but are expected to climb slightly over tensions in the Straits of Hormuz.

At present, the average gasoline prices in Virginia are at $3.76/gallon, down from an all-time high of $4.86 and down from last month’s price per gallon of $3.90.  In the Fredericksburg area along the I-95 corridor, gasoline prices are as low as $3.55/gal.

Meanwhile, the Wall Street Journal is forecasting that the price of Brent Crude will decrease to around $76 a barrel by December 2026.  As of this writing, the price of Brent Crude is $85 a barrel, with U.S. inventories 2% lower than the five-year average.

Average gas prices still remain lower than their peak in 2022 at the beginning of the Ukraine conflict, where gasoline prices along with diesel, plastics, fertilizers, and other petroleum byproducts have yet to recover their pre-Ukraine war levels.