Gas prices down a cent in Virginia: Continued slow demand

Virginia gas prices have fallen 1 cent per gallon in the past week, averaging $2.10/g today, according to GasBuddy’s daily survey of 4,081 stations.

Gas prices in Virginia are  unchanged versus a month ago and stand 26.3 cents per gallon lower than a year ago.

The national average price of gasoline has fallen 2.9 cents per gallon in the last week, averaging $2.15/g today. The national average is down 1.7 cents per gallon from a month ago and stands 50.0 cents per gallon lower than a year ago.

Analysis

“Gas prices have continued to remain subdued in large part due to the stalemate in Washington that’s holding back another round of stimulus for Americans, which could boost the economy and oil demand and help Americans get back to work,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “Absent some resolve from lawmakers to boost the economy, we’re likely in store for another week of sideways price movements, keeping average gas prices near current levels for the fourth straight month. We may continue to see us stuck in this territory until there’s meaningful change in our COVID-19 outlook.”

Trends

Historical gasoline prices in Virginia and the national average going back ten years:

• October 19, 2019: $2.36/g (U.S. Average: $2.65/g)
• October 19, 2018: $2.66/g (U.S. Average: $2.85/g)
• October 19, 2017: $2.28/g (U.S. Average: $2.45/g)
• October 19, 2016: $2.10/g (U.S. Average: $2.23/g)
• October 19, 2015: $2.03/g (U.S. Average: $2.25/g)
• October 19, 2014: $2.92/g (U.S. Average: $3.10/g)
• October 19, 2013: $3.16/g (U.S. Average: $3.35/g)
• October 19, 2012: $3.54/g (U.S. Average: $3.71/g)
• October 19, 2011: $3.34/g (U.S. Average: $3.47/g)
• October 19, 2010: $2.71/g (U.S. Average: $2.81/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.00/g, unchanged  from last week’s $2.00/g.
• Richmond- $2.10/g, unchanged  from last week’s $2.10/g.
• West Virginia- $2.15/g, down 3.6 cents per gallon from last week’s $2.18/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.