Gas prices continue uptick with economic recovery

gasbuddyGas prices are up for the ninth straight week as the economy continues its recovery from the spring COVID-19 shutdowns.

Virginia gas prices were up 2.8 cents per gallon in the past week, averaging $1.99/gallon today, according to GasBuddy’s daily survey of 4,081 stations.

Gas prices in Virginia are 18.3 cents per gallon higher than a month ago, but still stand 48.3 cents per gallon lower than a year ago.

GasBuddy analyst Patrick DeHaan said today that demand was actually down slightly in the pasts week, which could lead to “a small reckoning with the price of gasoline” in the coming days.

“Last week, U.S. gasoline demand fell 0.4 percent, not exactly a staggering figure, but data from later in the week pointed to much more noticeable drops, which may be a coming trend as authorities in some U.S. states rescind their re-openings,” said DeHaan, head of petroleum analysis at GasBuddy. “Motorists across the country will likely be influenced by what develops in those areas- improvement and a slowdown in COVID would cause gas prices to continue rising, while a continued resurgence in COVID-19 cases and a drop in gasoline demand will mean lower gas prices.”

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

  • June 29, 2019: $2.47/g (U.S. Average: $2.70/g)
  • June 29, 2018: $2.60/g (U.S. Average: $2.85/g)
  • June 29, 2017: $2.04/g (U.S. Average: $2.23/g)
  • June 29, 2016: $2.11/g (U.S. Average: $2.29/g)
  • June 29, 2015: $2.58/g (U.S. Average: $2.77/g)
  • June 29, 2014: $3.49/g (U.S. Average: $3.67/g)
  • June 29, 2013: $3.36/g (U.S. Average: $3.49/g)
  • June 29, 2012: $3.15/g (U.S. Average: $3.34/g)
  • June 29, 2011: $3.43/g (U.S. Average: $3.53/g)
    June 29, 2010: $2.59/g (U.S. Average: $2.73/g)

Neighboring areas and their current gas prices:

  • Roanoke- $1.95/g, up 5.0 cents per gallon from last week’s $1.90/g.
  • Richmond- $1.96/g, up 1.3 cents per gallon from last week’s $1.94/g.
  • West Virginia- $2.19/g, up 5.4 cents per gallon from last week’s $2.14/g.

GasBuddy is the authoritative voice for gas prices and the only source for station-level data spanning nearly two decades. Unlike AAA’s once daily survey covering credit card transactions at 100,000 stations and the Lundberg Survey, updated once every two weeks based on 7,000 gas stations, GasBuddy’s survey updates 288 times every day from the most diverse list of sources covering nearly 150,000 stations nationwide, the most comprehensive and up-to-date in the country.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.

         
 

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