Gas prices hold steady: Where are they headed in the near-term?

Gas prices in Virginia are unchanged in the last week, averaging $3.15/gallon today, according to GasBuddy’s survey of 4,081 stations in Virginia.

Prices in Virginia are 1.1 cents per gallon lower than a month ago and stand 83.7 cents per gallon higher than a year ago.

The national average price of gasoline has risen 1.8 cents per gallon in the last week, averaging $3.32/gallon today. The national average is up 3.3 cents per gallon from a month ago and stands 92.0 cents per gallon higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

Analysis

“With oil prices remaining elevated, average gas prices inched up in most states over the last week even as gasoline demand weakened, a testament to how concerned oil markets are with unrest in oil producing nations. With all eyes on the Russia/Ukraine situation, oil will likely remain north of $80 per barrel, with additional volatility. Prices could rise even more significantly if there is any further deterioration in the situation,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

“For now, I don’t expect any immediate fireworks at the pump, but the trend of rising gas prices will likely persist as worries continue to overpower weak global consumption.”

Trends

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

• January 24, 2021: $2.31/g (U.S. Average: $2.40/g)
• January 24, 2020: $2.36/g (U.S. Average: $2.53/g)
• January 24, 2019: $2.09/g (U.S. Average: $2.28/g)
• January 24, 2018: $2.41/g (U.S. Average: $2.57/g)
• January 24, 2017: $2.17/g (U.S. Average: $2.29/g)
• January 24, 2016: $1.68/g (U.S. Average: $1.82/g)
• January 24, 2015: $1.96/g (U.S. Average: $2.03/g)
• January 24, 2014: $3.18/g (U.S. Average: $3.28/g)
• January 24, 2013: $3.25/g (U.S. Average: $3.32/g)
• January 24, 2012: $3.35/g (U.S. Average: $3.38/g)

Neighboring areas and their current gas prices:

• Roanoke- $3.09/g, up 1.7 cents per gallon from last week’s $3.08/g.
• Richmond- $3.13/g, unchanged  from last week’s $3.13/g.
• West Virginia- $3.16/g, unchanged  from last week’s $3.16/g.

GasBuddy data is accessible at prices.GasBuddy.com.