Gas prices continue to skyrocket with no end in sight

Virginia gas prices have risen 7.6 cents per gallon in the past week, averaging $3.20/gallon today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 20.0 cents per gallon higher than a month ago and stand $1.11/g higher than a year ago.

The national average price of gasoline has risen 2.9 cents per gallon in the last week, averaging $3.30/g today. The national average is up 11.1 cents per gallon from a month ago and stands $1.15/g higher than a year ago.

Analysis

“The national average closed the week by climbing to yet another fresh seven year high, as the price of oil continues to drag gas prices along for the wild ride, leaving motorists on empty,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“With OPEC holding back oil production and strong global oil demand, the situation will no doubt pave the road with even higher gas prices in the weeks ahead. Until several bottlenecks ease, including supply chains and low global inventories of oil, natural gas and coal, we’ll be stuck feeling the pinch of rising oil and gasoline prices.

“The bad news is that for now, all I see is the upward trend at the pump continuing into the weeks ahead with no sign of relief just yet.”

Trends

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

• October 18, 2020: $2.10/g (U.S. Average: $2.15/g)
• October 18, 2019: $2.36/g (U.S. Average: $2.66/g)
• October 18, 2018: $2.66/g (U.S. Average: $2.86/g)
• October 18, 2017: $2.29/g (U.S. Average: $2.44/g)
• October 18, 2016: $2.10/g (U.S. Average: $2.23/g)
• October 18, 2015: $2.03/g (U.S. Average: $2.26/g)
• October 18, 2014: $2.93/g (U.S. Average: $3.11/g)
• October 18, 2013: $3.16/g (U.S. Average: $3.35/g)
• October 18, 2012: $3.56/g (U.S. Average: $3.73/g)
• October 18, 2011: $3.34/g (U.S. Average: $3.46/g)

Neighboring areas and their current gas prices:

• Roanoke- $3.14/g, up 7.2 cents per gallon from last week’s $3.07/g.
• Richmond- $3.18/g, up 8.3 cents per gallon from last week’s $3.10/g.
• West Virginia- $3.22/g, up 10.3 cents per gallon from last week’s $3.12/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.