Gas prices continue to spike: Any end to increases in sight?

Virginia gas prices have risen 3.0 cents per gallon in the past week, averaging $3.39/gallon today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 23.8 cents per gallon higher than a month ago and stand 86.1 cents per gallon higher than a year ago.

The national average price of gasoline has risen 3.0 cents per gallon in the last week, averaging $3.51/gallon today. The national average is up 20.5 cents per gallon from a month ago and stands 88.7 cents per gallon higher than a year ago.

Analysis

“With tensions still very high that Russia may invade Ukraine, gasoline prices kept moving higher, tugged by the rising price of oil as the market concentrates on possible outcomes from the situation that could affect global oil production amidst recovering demand,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “However, with nuclear talks between Iran and global powers ongoing in Vienna, the possibility exists that a new deal could bring Iran’s crude oil supply back to legitimate markets, helping to ease a slight portion of supply concerns. While the proposition remains in the air for the time being, we’re also just a few weeks away from the traditional start of the spring surge in gasoline prices, brought on by the change to summer gasoline, seasonal maintenance at refineries and rising demand. The weeks ahead could be rather ugly with rising prices, especially if Russia pursues a strong-arm invasion of Ukraine.”

Trends

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

• February 21, 2021: $2.53/g (U.S. Average: $2.63/g)
• February 21, 2020: $2.26/g (U.S. Average: $2.48/g)
• February 21, 2019: $2.18/g (U.S. Average: $2.40/g)
• February 21, 2018: $2.37/g (U.S. Average: $2.52/g)
• February 21, 2017: $2.10/g (U.S. Average: $2.28/g)
• February 21, 2016: $1.55/g (U.S. Average: $1.71/g)
• February 21, 2015: $2.17/g (U.S. Average: $2.28/g)
• February 21, 2014: $3.22/g (U.S. Average: $3.38/g)
• February 21, 2013: $3.69/g (U.S. Average: $3.78/g)
• February 21, 2012: $3.54/g (U.S. Average: $3.57/g)

Neighboring areas and their current gas prices:

• Roanoke- $3.28/g, up 1.4 cents per gallon from last week’s $3.26/g.
• Richmond- $3.38/g, up 0.9 cents per gallon from last week’s $3.37/g.
• West Virginia- $3.30/g, up 0.9 cents per gallon from last week’s $3.29/g.

GasBuddy data is accessible at prices.GasBuddy.com.