Gas prices continue to plummet due to coronavirus

The coronavirus slowdown is pushing gas prices down sharply, with prices falling eight cents a gallon in Virginia in the past week, averaging $2.10 a gallon today, according to GasBuddy’s daily survey of 4,081 stations.

Prices have dropped as low as $1.24 a gallon in Oklahoma City, according to Patrick DeHaan, head of petroleum analysis for GasBuddy, “with more price drops coming for nearly every station in the week ahead as they continue to pass along the lower replacement cost.”

“The root cause continues to be coronavirus-related, since demand for oil slumped globally, inducing the current price war between Russia and Saudi Arabia as they both raise output, causing oil prices to crash through the floor,” DeHaan said. “Such a large decline at this time of year is mind-blowing, as gas prices have risen in all but one year in the last ten during the spring. All good things may not last forever, however, as rumors swirl that Russia and Saudi Arabia are holding high level talks to reign in the collapse in oil prices, which could eventually end the party at the pump.”

According to GasBuddy price reports, the cheapest station in Virginia is priced at $1.59/g today while the most expensive is $2.99/g, a difference of $1.40/g. The lowest price in the state today is $1.59/g while the highest is $2.99/g, a difference of $1.40/g.

The national average price of gasoline has fallen 14.3 cents per gallon in the last week, averaging $2.22/g today. The national average is down 21.2 cents per gallon from a month ago and stands 32.9 cents per gallon lower than a year ago.

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

March 16, 2019: $2.37/g (U.S. Average: $2.54/g)
March 16, 2018: $2.36/g (U.S. Average: $2.53/g)
March 16, 2017: $2.09/g (U.S. Average: $2.29/g)
March 16, 2016: $1.80/g (U.S. Average: $1.96/g)
March 16, 2015: $2.27/g (U.S. Average: $2.42/g)
March 16, 2014: $3.30/g (U.S. Average: $3.52/g)
March 16, 2013: $3.59/g (U.S. Average: $3.69/g)
March 16, 2012: $3.75/g (U.S. Average: $3.83/g)
March 16, 2011: $3.48/g (U.S. Average: $3.55/g)
March 16, 2010: $2.70/g (U.S. Average: $2.77/g)

Neighboring areas and their current gas prices:

Roanoke- $2.04/g, down 12.0 cents per gallon from last week’s $2.16/g.
Richmond- $1.98/g, down 9.4 cents per gallon from last week’s $2.07/g.
West Virginia- $2.16/g, down 11.5 cents per gallon from last week’s $2.27/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.