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Gas prices down again this week: Trend to continue through holidays?

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Virginia gas prices have fallen 2.9 cents per gallon in the past week, averaging $3.24/gallon today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 5.0 cents per gallon lower than a month ago and stand $1.17/gallon higher than a year ago.

The national average price of gasoline has fallen 3.4 cents per gallon in the last week, averaging $3.37/gallon today. The national average is down 1.4 cents per gallon from a month ago and stands $1.26/gallon higher than a year ago.

Analysis

“Gas price declines are slowly picking up momentum. With oil’s recent fall and the jury out on a new Covid variant, Omicron, we could be in store for lower prices based on many countries turning back to travel restrictions, limiting oil demand and potentially accelerating the drop in gas prices,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“There remains a very high level of uncertainty ahead of us as OPEC has also delayed its meetings to await more market movements and information on Omicron. But so far, Americans can expect the new variant to push gas prices even lower. Beyond the next few weeks, it remains nearly impossible to predict where oil and gas prices will head, though turbulence is guaranteed.”

Trends

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

  • November 29, 2020: $2.07/g (U.S. Average: $2.11/g)
  • November 29, 2019: $2.35/g (U.S. Average: $2.59/g)
  • November 29, 2018: $2.34/g (U.S. Average: $2.48/g)
  • November 29, 2017: $2.31/g (U.S. Average: $2.49/g)
  • November 29, 2016: $1.99/g (U.S. Average: $2.15/g)

Neighboring areas and their current gas prices:

  • Roanoke- $3.23/g, up 1.9 cents per gallon from last week’s $3.21/g.
  • Richmond- $3.22/g, down 1 cent per gallon from last week’s $3.23/g.
  • West Virginia- $3.31/g, up 0.5 cents per gallon from last week’s $3.31/g.

GasBuddy data is accessible at prices.GasBuddy.com.


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