Brief, but welcome, respite: Gas prices down five cents in the past week

Gas prices in Virginia are down 5.1 cents per gallon from a week ago, averaging $4.83 per gallon, according to GasBuddy.

This is good news, but we’re also still 35.6 cents per gallon higher than we were a month ago, and $1.90 a gallon higher than this time last year.

Also of note: the price of diesel has risen 2.6 cents nationally in the past week and stands at $5.80 per gallon.

The national average price of gasoline has fallen 4.2 cents per gallon in the last week, averaging $4.97 per gallon today.

Analysis

“Finally some relief! For the first time in nine weeks, gasoline prices have fallen, following a broad sell-off in oil markets last week, pushing the national average back under the $5 level with most states seeing relief at the pump,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

De Haan said he is hopeful the trend toward lower prices will continue this week, but that’s not because of anything that you could call “good news.”

It’s more that “concerns appear to be mounting that we may be on the cusp of an economic slowdown, putting downward pressure on oil,” De Haan said.

“We could see the national average fall another 15 to 30 cents, if we’re lucky, by the time fireworks are flying, barring any unexpected shutdowns at a time when the market is extremely sensitive to such,” De Haan said.

Trends

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

• June 20, 2021: $2.93/g (U.S. Average: $3.05/g)
• June 20, 2020: $1.94/g (U.S. Average: $2.12/g)
• June 20, 2019: $2.42/g (U.S. Average: $2.66/g)
• June 20, 2018: $2.64/g (U.S. Average: $2.87/g)
• June 20, 2017: $2.08/g (U.S. Average: $2.28/g)
• June 20, 2016: $2.16/g (U.S. Average: $2.33/g)
• June 20, 2015: $2.59/g (U.S. Average: $2.80/g)
• June 20, 2014: $3.48/g (U.S. Average: $3.68/g)
• June 20, 2013: $3.42/g (U.S. Average: $3.60/g)
• June 20, 2012: $3.26/g (U.S. Average: $3.48/g)

Neighboring areas and their current gas prices:

• Roanoke- $4.61/g, down 3.5 cents per gallon from last week’s $4.65/g.
• Richmond- $4.87/g, down 6.8 cents per gallon from last week’s $4.94/g.
• West Virginia- $4.89/g, down 0.8 cents per gallon from last week’s $4.90/g.

GasBuddy data is accessible at prices.GasBuddy.com.