Gas prices down over past week: Trend to continue to the end of the year?

Virginia gas prices have fallen 2.6 cents per gallon in the past week, averaging $3.22/gallon today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 7.8 cents per gallon lower than a month ago and stand $1.14/gallon higher than a year ago.

The national average price of gasoline has fallen 5.3 cents per gallon in the last week, averaging $3.34/gallon today. The national average is down 6.9 cents per gallon from a month ago and stands $1.19/gallon higher than a year ago.

Analysis

“The downturn in average gas prices continued to gain momentum last week as oil prices remained at a hefty discount. This is largely due to continued anxiety over the omicron variant and because some countries have begun issuing lockdowns, keeping motorists in some countries from consuming as much fuel,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“While the Great Lakes region, the fastest to see prices respond to market fluctuations, is seeing hefty monthly declines approaching 30 cents per gallon, much of the rest of the country is lagging behind. But, we will see precipitous declines in the next week or two as stations continue to sell through higher priced inventory before slowly lowering their prices. It’s not impossible given the conditions that price wars, where stations lower their price significantly, could emerge as stations now have considerable room to lower prices.”

Trends

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

• December 6, 2020: $2.08/g (U.S. Average: $2.16/g)
• December 6, 2019: $2.34/g (U.S. Average: $2.59/g)
• December 6, 2018: $2.28/g (U.S. Average: $2.43/g)
• December 6, 2017: $2.30/g (U.S. Average: $2.47/g)
• December 6, 2016: $2.08/g (U.S. Average: $2.19/g)
• December 6, 2015: $1.88/g (U.S. Average: $2.03/g)
• December 6, 2014: $2.54/g (U.S. Average: $2.68/g)
• December 6, 2013: $3.21/g (U.S. Average: $3.25/g)
• December 6, 2012: $3.21/g (U.S. Average: $3.37/g)
• December 6, 2011: $3.17/g (U.S. Average: $3.27/g)

Neighboring areas and their current gas prices:

• Roanoke- $3.18/g, down 2.9 cents per gallon from last week’s $3.21/g.
• Richmond- $3.20/g, down 2.8 cents per gallon from last week’s $3.23/g.
• West Virginia- $3.28/g, down 2.3 cents per gallon from last week’s $3.30/g.

GasBuddy data is accessible at prices.GasBuddy.com.