Gas prices continue to surge: Are we headed toward $5 per gallon mark?

Gas prices in Virginia have risen 15.6 cents per gallon in the last week, but there could be good news on the horizon.

“Gasoline prices surged over the last week to new record highs, but have finally started to slow their rise with diesel also finally cooling off,” said Patrick De Haan, head of petroleum analysis at GasBuddy., which reports that the average price of a gallon of regular unleaded in Virginia today is $4.46 per gallon.

Prices in Virginia are 50.5 cents per gallon higher than a month ago and stand $1.52/g higher than a year ago. The price of diesel has risen 22.6 cents nationally in the past week and stands at $5.518 per gallon.

The national average price of gasoline has risen 11.0 cents per gallon in the last week, averaging $4.57 per gallon today. The national average is up 45.4 cents per gallon from a month ago and stands $1.55 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.

De Haan sees light at the end of the tunnel.

“Prices are appearing to slow down, for now,” De Haan said. “While the coast isn’t clear yet, and prices will be at their highest Memorial Day level ever, I’m hopeful that we could avoid a dreaded national average of $5 per gallon this year. Whether or not we’re able to depends on Americans cutting demand in the face of sky-high prices.”

Trends

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

• May 23, 2021: $2.95/g (U.S. Average: $3.02/g)
• May 23, 2020: $1.80/g (U.S. Average: $1.96/g)
• May 23, 2019: $2.59/g (U.S. Average: $2.85/g)
• May 23, 2018: $2.75/g (U.S. Average: $2.97/g)
• May 23, 2017: $2.16/g (U.S. Average: $2.36/g)
• May 23, 2016: $2.11/g (U.S. Average: $2.28/g)
• May 23, 2015: $2.50/g (U.S. Average: $2.74/g)
• May 23, 2014: $3.48/g (U.S. Average: $3.66/g)
• May 23, 2013: $3.40/g (U.S. Average: $3.66/g)
• May 23, 2012: $3.49/g (U.S. Average: $3.68/g)

Neighboring areas and their current gas prices:

• Roanoke- $4.33/g, up 12.9 cents per gallon from last week’s $4.20/g.
• Richmond- $4.45/g, up 17.2 cents per gallon from last week’s $4.27/g.
• West Virginia- $4.46/g, up 18.3 cents per gallon from last week’s $4.27/g.

GasBuddy data is accessible at prices.GasBuddy.com.