Gas, diesel prices expected to go higher over the next couple of weeks

gas prices
(© Yingyaipumi – stock.adobe.com)

Gas prices, for now, are holding steady, with the average for a gallon of regular unleaded unchanged over the past week, at $4.31 per gallon, according to GasBuddy.

That’s still up 37.5 cents per gallon from a month ago, and a $1.36 a gallon higher than a year ago this time.

Meanwhile, the price of diesel has risen 3.0 cents nationally in the past week and stands at $5.55 per gallon.

The outlook for the near future is for prices at the pump to go even higher, according to Patrick De Haan, head of petroleum analysis at GasBuddy.

“Prices later this week could be closer to $5 per gallon than $4, as demand continues to edge higher and inventories of both gasoline and diesel continue to decline, temperatures warm and motorists get back outside, and we near the Memorial Day weekend, the start of the summer driving season. While the increases may start to slow in the days ahead as pump prices catch up to oil, there isn’t much reason to be optimistic that we’ll see a plunge any time soon,” De Haan said.

Trends

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

  • May 16, 2021: $2.95/g (U.S. Average: $3.03/g)
  • May 16, 2020: $1.73/g (U.S. Average: $1.87/g)
  • May 16, 2019: $2.60/g (U.S. Average: $2.86/g)
  • May 16, 2018: $2.69/g (U.S. Average: $2.90/g)
  • May 16, 2017: $2.15/g (U.S. Average: $2.33/g)
  • May 16, 2016: $2.06/g (U.S. Average: $2.22/g)
  • May 16, 2015: $2.47/g (U.S. Average: $2.70/g)
  • May 16, 2014: $3.46/g (U.S. Average: $3.65/g)
  • May 16, 2013: $3.37/g (U.S. Average: $3.60/g)
  • May 16, 2012: $3.56/g (U.S. Average: $3.73/g)

Neighboring areas and their current gas prices:

  • Roanoke- $4.20/g, unchanged  from last week’s $4.20/g.
  • Richmond- $4.27/g, unchanged  from last week’s $4.27/g.
  • West Virginia- $4.27/g, unchanged  from last week’s $4.27/g.

GasBuddy data is accessible at prices.GasBuddy.com.


AFP

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