Gas prices down: But this isn’t good news

Gas prices are down 3.9 cents a gallon over the past week, according to GasBuddy, but the reason is because of the free-fall in oil prices sparked by fears of the coronavirus and the inability of the world’s major oil producers to come to an agreement on what to do in the short term.

“It’s been an unprecedented week, one in which oil majors Russia and Saudi Arabia saw anything but eye-to-eye on lowering oil production, leading crude oil prices to plummet 20 percent in Sunday evening trade, combined with COVID-19 fears escalating, and gas prices have nowhere to go but down and like a rock,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

Virginia gas prices have fallen 3.9 cents per gallon in the past week, averaging $2.19/g today, according to GasBuddy’s daily survey of 4,081 stations. Gas prices in Virginia are 4.9 cents per gallon lower than a month ago and stand 10.8 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Virginia is priced at $1.71/g today while the most expensive is $2.99/g, a difference of $1.28/g. The lowest price in the state today is $1.71/g while the highest is $2.99/g, a difference of $1.28/g. The cheapest price in the entire country today stands at $0.61/g while the most expensive is $4.87/g, a difference of $4.26/g.

The national average price of gasoline has fallen 6.3 cents per gallon in the last week, averaging $2.36/g today. The national average is down 5.9 cents per gallon from a month ago and stands 12.5 cents per gallon lower than a year ago.

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

• March 9, 2019: $2.30/g (U.S. Average: $2.48/g)
• March 9, 2018: $2.35/g (U.S. Average: $2.53/g)
• March 9, 2017: $2.10/g (U.S. Average: $2.30/g)
• March 9, 2016: $1.60/g (U.S. Average: $1.82/g)
• March 9, 2015: $2.29/g (U.S. Average: $2.45/g)
• March 9, 2014: $3.27/g (U.S. Average: $3.49/g)
• March 9, 2013: $3.62/g (U.S. Average: $3.70/g)
• March 9, 2012: $3.64/g (U.S. Average: $3.76/g)
• March 9, 2011: $3.44/g (U.S. Average: $3.53/g)
• March 9, 2010: $2.65/g (U.S. Average: $2.74/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.18/g, down 5.5 cents per gallon from last week’s $2.23/g.
• Richmond- $2.08/g, down 5.0 cents per gallon from last week’s $2.13/g.
• West Virginia- $2.27/g, down 6.8 cents per gallon from last week’s $2.34/g.