Coronavirus fears push gas prices down

Gas prices are expected to continue to fall as world markets respond to the global spread of the coronavirus.

Virginia gas prices have fallen 3.3 cents per gallon in the past week, averaging $2.23/g today, according to GasBuddy’s daily survey of 4,081 stations.

Gas prices in Virginia are 6.1 cents per gallon lower than a month ago and stand 1.1 cents per gallon higher than a year ago.

Patrick DeHaan, head of petroleum analysis for GasBuddy, attributes the downward pressure on prices to the market response to COVIC-19.

“As the spread of the coronavirus induces panic on markets, oil prices have been walloped and motorists should avoid filling up as the plummet in oil prices starts showing up at their local gas station in the days ahead,” DeHaan said. “Nearly every village, town and city in every state will see gas prices dropping- the pace may vary, of course- but over the next week gas prices will move lower solidly, barring any dramatic improvement in the spread of the virus. The drop in oil is little comfort to those who’ve been watching the stock market fall, but gas stations have plenty of room to drop prices, in some cases nearly 25-35 cent drops over the next few weeks will happen. My advice for motorists is delay buying gasoline and expect noticeable drops for the time being as the world obsesses over the spread of COVID-19.”

According to GasBuddy price reports, the cheapest station in Virginia is priced at $1.77/g today while the most expensive is $2.99/g, a difference of $1.22/g. The lowest price in the state today is $1.77/g while the highest is $2.99/g, a difference of $1.22/g.

The cheapest price in the entire country today stands at $1.69/g while the most expensive is $4.89/g, a difference of $3.20/g.

The national average price of gasoline has fallen 6.2 cents per gallon in the last week, averaging $2.41/g today. The national average is down 4.4 cents per gallon from a month ago and stands 1.8 cents per gallon lower than a year ago.

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

• March 2, 2019: $2.22/g (U.S. Average: $2.43/g)
• March 2, 2018: $2.36/g (U.S. Average: $2.53/g)
• March 2, 2017: $2.11/g (U.S. Average: $2.32/g)
• March 2, 2016: $1.58/g (U.S. Average: $1.79/g)
• March 2, 2015: $2.26/g (U.S. Average: $2.43/g)
• March 2, 2014: $3.25/g (U.S. Average: $3.46/g)
• March 2, 2013: $3.66/g (U.S. Average: $3.76/g)
• March 2, 2012: $3.63/g (U.S. Average: $3.74/g)
• March 2, 2011: $3.29/g (U.S. Average: $3.39/g)
• March 2, 2010: $2.59/g (U.S. Average: $2.68/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.22/g, down 1.2 cents per gallon from last week’s $2.23/g.
• Richmond- $2.13/g, down 5.0 cents per gallon from last week’s $2.18/g.
• West Virginia- $2.35/g, down 4.9 cents per gallon from last week’s $2.39/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 http://FuelInsights.GasBuddy.com.