Gas prices decline for first time in weeks: Momentary blip?

Virginia gas prices have fallen 2.1 cents per gallon in the past week, averaging $2.74/gallon today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 11.7 cents per gallon higher than a month ago and stand 85.5 cents per gallon higher than a year ago.

The national average price of gasoline has fallen 2.7 cents per gallon in the last week, averaging $2.84/g today. The national average is up 12.9 cents per gallon from a month ago and stands 87.5 cents per gallon higher than a year ago.

Analysis

“After the feverish rise in gas prices to start the year, increases have largely tapered off and we’re now seeing decreasing prices in most areas of the country, thanks to oil prices that have moderated for the time being,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“As the Suez Canal has remained block for nearly a week, we could see some volatility in the price of oil this week as the market digests any updates as hundreds of ships remain in limbo. Back stateside, refiners have made the switch to summer gasoline and price impacts have been limited thus far, but demand for gasoline remains strong.

“Last week saw total gasoline demand at yet another pandemic high, according to GasBuddy data. As we approach warmer weather and motorists are increasingly getting outside, it could drive prices higher, so long as COVID-19 cases don’t jump along with it and lead to new travel restrictions.”

Trends

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

• March 29, 2020: $1.88/g (U.S. Average: $1.97/g)
• March 29, 2019: $2.46/g (U.S. Average: $2.70/g)
• March 29, 2018: $2.47/g (U.S. Average: $2.65/g)
• March 29, 2017: $2.10/g (U.S. Average: $2.31/g)
• March 29, 2016: $1.90/g (U.S. Average: $2.04/g)
• March 29, 2015: $2.22/g (U.S. Average: $2.43/g)
• March 29, 2014: $3.37/g (U.S. Average: $3.54/g)
• March 29, 2013: $3.55/g (U.S. Average: $3.64/g)
• March 29, 2012: $3.88/g (U.S. Average: $3.92/g)
• March 29, 2011: $3.50/g (U.S. Average: $3.59/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.65/g, down 2.6 cents per gallon from last week’s $2.68/g.
• Richmond- $2.72/g, down 2.8 cents per gallon from last week’s $2.75/g.
• West Virginia- $2.74/g, down 3.0 cents per gallon from last week’s $2.77/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.