Gas prices continue to spike: Russia invasion of Ukraine will have impact

Average gasoline prices in Virginia have risen 4.0 cents per gallon in the last week, averaging $3.43/gallon today, according to GasBuddy’s survey of 4,081 stations in Virginia.

Prices in Virginia are 24.1 cents per gallon higher than a month ago and stand 81.2 cents per gallon higher than a year ago.

The national average price of gasoline has risen 7.5 cents per gallon in the last week, averaging $3.59/gallon today. The national average is up 23.2 cents per gallon from a month ago and stands 87.6 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.

Analysis

“The Russian invasion of Ukraine has sparked high level concern that oil production could eventually be stifled, or even sanctioned, from the world’s second largest oil producer, leading to less supply as demand grows. That possibility has pushed up the national average price of gasoline considerably in the last week, and the situation could worsen at any time, keeping gas prices elevated for the foreseeable future,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “In addition to the unstable situation with the Russian invasion, we’re also entering the time of year that seasonality pushes gasoline prices up by anywhere from 25 to 75 cents by Memorial Day. It’s simply looking like a perfect storm for motorists at the pump, with little to no relief anytime soon.”

Trends

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

• February 28, 2021: $2.62/g (U.S. Average: $2.72/g)
• February 28, 2020: $2.25/g (U.S. Average: $2.44/g)
• February 28, 2019: $2.21/g (U.S. Average: $2.43/g)
• February 28, 2018: $2.36/g (U.S. Average: $2.54/g)
• February 28, 2017: $2.11/g (U.S. Average: $2.30/g)
• February 28, 2016: $1.55/g (U.S. Average: $1.74/g)
• February 28, 2015: $2.24/g (U.S. Average: $2.40/g)
• February 28, 2014: $3.25/g (U.S. Average: $3.45/g)
• February 28, 2013: $3.68/g (U.S. Average: $3.78/g)
• February 28, 2012: $3.62/g (U.S. Average: $3.72/g)

Neighboring areas and their current gas prices:

• Roanoke- $3.36/g, up 7.9 cents per gallon from last week’s $3.28/g.
• Richmond- $3.40/g, up 1.8 cents per gallon from last week’s $3.38/g.
• West Virginia- $3.33/g, up 3.8 cents per gallon from last week’s $3.30/g.

GasBuddy data is accessible at prices.GasBuddy.com.