Gas prices continue to fall with Omicron spike impacting travel

Virginia gas prices have fallen 1.7 cents per gallon in the past week, averaging $3.16/gallon today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 9.0 cents per gallon lower than a month ago and stand $1.05/g higher than a year ago.

The national average price of gasoline has fallen 4.3 cents per gallon in the last week, averaging $3.25/gallon today. The national average is down 14.1 cents per gallon from a month ago and stands $1.00/gallon higher than a year ago.

Analysis

“Nearly every state saw average gasoline prices decline last week as millions of Americans took to the road for holiday travel, with the national average now nearly 20 cents per gallon lower than in early November. While the fall in prices is welcomed, we set an ugly new record for the holiday- it was the most expensive Christmas Day we’ve ever seen by two tenths of a penny,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“The average on Christmas was $3.264 per gallon, just a fraction of a penny higher than Christmas Day 2013 which saw the national average at $3.262 per gallon. Motorists shouldn’t get too worked up about it – the downward direction in gas prices should persist into this week in most areas. However, gas prices are likely to jump in the Great Lakes due to a behavior called price cycling, caused by a rise in the wholesale price of gasoline against a backdrop of prices in the region that have now fallen under replacement cost. This will trigger a likely jump in gas prices in Michigan, Indiana, Ohio, Illinois and Kentucky very soon.”

Trends

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

• December 27, 2020: $2.10/g (U.S. Average: $2.25/g)
• December 27, 2019: $2.38/g (U.S. Average: $2.57/g)
• December 27, 2018: $2.13/g (U.S. Average: $2.29/g)
• December 27, 2017: $2.27/g (U.S. Average: $2.46/g)
• December 27, 2016: $2.16/g (U.S. Average: $2.29/g)
• December 27, 2015: $1.82/g (U.S. Average: $2.00/g)
• December 27, 2014: $2.21/g (U.S. Average: $2.29/g)
• December 27, 2013: $3.21/g (U.S. Average: $3.27/g)
• December 27, 2012: $3.18/g (U.S. Average: $3.26/g)
• December 27, 2011: $3.13/g (U.S. Average: $3.23/g)

Neighboring areas and their current gas prices:

• Roanoke- $3.05/g, down 4.8 cents per gallon from last week’s $3.09/g.
• Richmond- $3.14/g, down 1.6 cents per gallon from last week’s $3.16/g.
• West Virginia- $3.19/g, down 2.8 cents per gallon from last week’s $3.22/g.

GasBuddy data is accessible at prices.GasBuddy.com.