Market corrections slowing gas price declines

gasbuddyOil prices rebounded slightly as producers recalibrate in response to the coronavirus, but gas prices still dropped over the past week.

Virginia gas prices fell another 1.4 cents per gallon in the past week, averaging $2.23/g today, according to GasBuddy’s daily survey of 4,081 stations.

The downward trend in recent weeks is largely the result of fears of a worldwide economic slowdown due to the spread of the coronavirus. OPEC members last week indicated that they are considering cutting production to offset the decline in demand, which is having a corrective effect.

“While it’s possible average gasoline prices will remain within arm’s reach of recent lows, unless there’s renewed or new concerns with the spread of the coronavirus, we may have seen the deepest discounted prices behind us, with some chance we’ll hold close to the lows before the seasonal rally begins in earnest. It wouldn’t be a bad time to fill up to hedge the chances of prices rising in the coming days,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

Gas prices in Virginia are 15.5 cents per gallon lower than a month ago and stand 11.7 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in Virginia is priced at $1.87/g today while the most expensive is $2.99/g, a difference of $1.12/g. The lowest price in the state today is $1.87/g while the highest is $2.99/g, a difference of $1.12/g. The cheapest price in the entire country today stands at $1.71/g while the most expensive is $100.60/g, a difference of $98.89/g.

The national average price of gasoline has risen 0.7 cents per gallon in the last week, averaging $2.43/g today. The national average is down 12.1 cents per gallon from a month ago and stands 11.5 cents per gallon higher than a year ago.

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

  • February 17, 2019: $2.12/g (U.S. Average: $2.31/g)
  • February 17, 2018: $2.39/g (U.S. Average: $2.52/g)
  • February 17, 2017: $2.11/g (U.S. Average: $2.28/g)
  • February 17, 2016: $1.57/g (U.S. Average: $1.71/g)
  • February 17, 2015: $2.15/g (U.S. Average: $2.26/g)
  • February 17, 2014: $3.19/g (U.S. Average: $3.35/g)
  • February 17, 2013: $3.60/g (U.S. Average: $3.73/g)
  • February 17, 2012: $3.52/g (U.S. Average: $3.52/g)
  • February 17, 2011: $3.03/g (U.S. Average: $3.14/g)
  • February 17, 2010: $2.52/g (U.S. Average: $2.58/g)

Neighboring areas and their current gas prices:

  • Roanoke- $2.18/g, down 3.3 cents per gallon from last week’s $2.21/g.
  • Richmond- $2.12/g, down 1 cent per gallon from last week’s $2.13/g.
  • West Virginia- $2.40/g, up 1.5 cents per gallon from last week’s $2.38/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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