Gas prices continue upward surge amid optimism with COVID-19

Gas prices in Virginia have risen 9.1 cents per gallon in the past week, averaging $2.30/gallon yesterday, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

This compares with the national average that has increased 4.2 cents per gallon versus last week to $2.38/g, according to GasBuddy.

Average gasoline prices on January 18 in Virginia have ranged widely over the last five years:

• $2.39/g in 2020
• $2.07/g in 2019
• $2.37/g in 2018
• $2.20/g in 2017
• $1.72/g in 2016

Including the change locally during the past week, prices yesterday were 8.3 cents per gallon lower than a year ago and are 21.3 cents per gallon higher than a month ago.

The national average has increased 15.6 cents per gallon during the last month and stands 17.4 cents per gallon lower than a year ago.

Areas near Virginia and their current gas price climate:

• Roanoke- $2.19/g, up 6.4 cents per gallon from last week’s $2.13/g.
• Richmond- $2.35/g, up 10.5 cents per gallon from last week’s $2.24/g.
• West Virginia- $2.35/g, up 5.9 cents per gallon from last week’s $2.29/g.

“Gas prices have jumped to yet another multi-month high as crude oil price rise amidst perceived improvement in the COVID-19 pandemic, which continues to pump prices up as demand shows renewed signs of recovery,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

“In addition, with rumors swirling that President-elect Biden plans to cancel approval of the Keystone XL pipeline, which would cut off reliable Canadian oil to the U.S., oil prices may see additional pressure in the coming days. For now, the upward trend in gas prices may slow from the sharp rise in the last week, but motorists shouldn’t expect much of a break from rising gas prices, which now stand less than twenty cents from their year-ago levels.”

For live fuel price averages, visit FuelInsights.GasBuddy.com.