Gas prices around $3 per gallon in Virginia, nationally as year winds down

For the first time in four months, gas prices are up week over week, increasing four cents a gallon in Virginia, and three cents a gallon nationally.

Virginia drivers are paying, on average, $3 per gallon on Tuesday, according to GasBuddy‘s survey of 4,081 stations in Virginia.

Prices in Virginia are 11.2 cents per gallon lower than a month ago and stand 5.4 cents per gallon higher than a year ago.

The national average price of gasoline has risen 2.9 cents per gallon in the last week, averaging $3.07/g today. The national average is down 13.8 cents per gallon from a month ago and stands 1.8 cents per gallon higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

The national average price of diesel has risen 0.6 cents in the last week and stands at $4.00 per gallon.

“After 13 straight weeks of decline, average gasoline prices have edged higher due to optimistic comments from the Fed on cutting interest rates in 2024, coupled with Houthi attacks on vessels in the Red Sea, boosting concerns of a disruption to global shipping, including oil shipments,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

The analyst foresees the trend toward lower prices returning soon.

“For now, the price of gasoline has already jumped, but could ease slightly this week ahead of the New Year,” De Haan said. “For now, I’m optimistic that we may still have a chance of seeing the first $2.99 national average since 2021 sometime before spring arrives. We’ll have the full details on what we expect for gasoline and diesel prices in 2024 later this week. Hopefully motorists will be able to celebrate a New Year with good news at the pump!”