Gas prices continue to increase, following recent trend

Virginia gas prices have risen 2.1 cents per gallon in the past week, averaging $2.33/gallon today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 21.7 cents per gallon higher than a month ago and stand 2.3 cents per gallon higher than a year ago.

The national average price of gasoline has risen 1.9 cents per gallon in the last week, averaging $2.42/g today. The national average is up 17.4 cents per gallon from a month ago and stands 5.5 cents per gallon lower than a year ago.

Analysis

“Gas price increases continue to slow down as oil prices fail to continue moving upward, even as gasoline demand continues to show new signs of improving recovery,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “According to Pay with GasBuddy data, Friday gasoline demand was the highest since November, while Saturday gasoline demand was the strongest of any Saturday since the pandemic began. The rise in gasoline demand has certainly been behind oil’s rally in the last few months, as COVID restrictions continue to ease and the economy slowly continues recovery. While the next few weeks may see gas prices rising slightly, the real pinch could come in March and lasting through summer, should demand continue on this path.”

Trends

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

• February 1, 2020: $2.31/g (U.S. Average: $2.47/g)
• February 1, 2019: $2.08/g (U.S. Average: $2.27/g)
• February 1, 2018: $2.44/g (U.S. Average: $2.60/g)
• February 1, 2017: $2.13/g (U.S. Average: $2.27/g)
• February 1, 2016: $1.65/g (U.S. Average: $1.79/g)
• February 1, 2015: $1.95/g (U.S. Average: $2.05/g)
• February 1, 2014: $3.15/g (U.S. Average: $3.27/g)
• February 1, 2013: $3.35/g (U.S. Average: $3.47/g)
• February 1, 2012: $3.44/g (U.S. Average: $3.45/g)
• February 1, 2011: $2.99/g (U.S. Average: $3.09/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.24/g, up 0.6 cents per gallon from last week’s $2.24/g.
• Richmond- $2.36/g, up 0.3 cents per gallon from last week’s $2.35/g.
• West Virginia- $2.33/g, down 0.9 cents per gallon from last week’s $2.34/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.