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Gas prices in Virginia, U.S., continue to push higher with economic recovery, increased demand

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Virginia gas prices have risen 3.7 cents per gallon in the past week, averaging $2.66/gallon today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 32.4 cents per gallon higher than a month ago and stand 47.3 cents per gallon higher than a year ago.

The national average price of gasoline has risen 3.4 cents per gallon in the last week, averaging $2.77/g today. The national average is up 29.8 cents per gallon from a month ago and stands 41.1 cents per gallon higher than a year ago.

Analysis

“OPEC surprised oil markets last week by extending oil production cuts for another month, ignoring the resurgence in global demand as economies recover from COVID-19. Markets responded by pushing oil prices up some 12 percent. As a result, motorists should prepare for further gas price increases in the weeks and potentially months ahead, with a $3 per gallon national average potentially less than a month away,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“At the start of this year, it was somewhat outlandish to predict a $3 per gallon national average for the summer driving season, but thanks to the speed of recovery from the pandemic pushing demand higher and OPEC’s reluctance to raise oil production, we’re on the cusp of making that a reality. It’s extremely frustrating as a consumer to feel helpless as prices soar and as millions remain unemployed, so the only advice I can offer consumers is prepare for further increases, and to mitigate rising prices, shop around for the low prices every time you need to refuel.

“I’m hopeful OPEC will see the error in their ways at next month’s meeting, but with demand exceeding supply, the longer the imbalance continues, the longer it will take for any rise in oil production to offset it.”

Trends

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

March 8, 2020: $2.19/g (U.S. Average: $2.36/g)
March 8, 2019: $2.29/g (U.S. Average: $2.47/g)
March 8, 2018: $2.35/g (U.S. Average: $2.53/g)
March 8, 2017: $2.10/g (U.S. Average: $2.30/g)
March 8, 2016: $1.59/g (U.S. Average: $1.81/g)
March 8, 2015: $2.29/g (U.S. Average: $2.46/g)
March 8, 2014: $3.26/g (U.S. Average: $3.49/g)
March 8, 2013: $3.62/g (U.S. Average: $3.71/g)
March 8, 2012: $3.64/g (U.S. Average: $3.76/g)
March 8, 2011: $3.43/g (U.S. Average: $3.52/g)

Neighboring areas and their current gas prices:

Roanoke- $2.58/g, up 3.3 cents per gallon from last week’s $2.55/g.
Richmond- $2.67/g, up 2.7 cents per gallon from last week’s $2.65/g.
West Virginia- $2.72/g, up 0.5 cents per gallon from last week’s $2.72/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.


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