Gas prices hold steady in past week: Brief respite from recent surge

Virginia gas prices are unchanged in the past week, averaging $2.76/gallon today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 22.4 cents per gallon higher than a month ago and stand 78.4 cents per gallon higher than a year ago.

The national average price of gasoline has fallen 0.3 cents per gallon in the last week, averaging $2.86/gallon today. The national average is up 22.2 cents per gallon from a month ago and stands 78.2 cents per gallon higher than a year ago.

Analysis

“With oil prices finally sagging over the last week on inflation fears and worries about a surge in COVID-19 cases in Europe impacting oil demand, motorists filling their tanks may soon see a brief respite from rising gas prices,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“While gasoline demand last week rose to its highest level since the pandemic began, concerns that oil demand growth will stall with COVID-19 cases surging in Europe are eroding oil’s recent rise. While gas prices still rose in a majority of states last week, we may see some price decreases in the week or weeks ahead, even as U.S. gasoline demand continues to rally to the highest level since the pandemic started nearly a year ago.

“It’ll be a bumpy road the next few weeks as markets sort out the bearish and bullish factors, but I still believe prices will likely experience more upward momentum ahead of Memorial Day.”

Trend

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

• March 22, 2020: $1.98/g (U.S. Average: $2.08/g)
• March 22, 2019: $2.43/g (U.S. Average: $2.62/g)
• March 22, 2018: $2.40/g (U.S. Average: $2.59/g)
• March 22, 2017: $2.10/g (U.S. Average: $2.29/g)
• March 22, 2016: $1.83/g (U.S. Average: $1.98/g)
• March 22, 2015: $2.23/g (U.S. Average: $2.43/g)
• March 22, 2014: $3.34/g (U.S. Average: $3.52/g)
• March 22, 2013: $3.58/g (U.S. Average: $3.69/g)
• March 22, 2012: $3.81/g (U.S. Average: $3.89/g)
• March 22, 2011: $3.47/g (U.S. Average: $3.55/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.69/g, up 0.4 cents per gallon from last week’s $2.68/g.
• Richmond- $2.75/g, down 0.3 cents per gallon from last week’s $2.76/g.
• West Virginia- $2.77/g, down 2.6 cents per gallon from last week’s $2.80/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.