Gas prices down: Saving American consumers more than $100M per day

Gas prices in Virginia have fallen 8.0 cents per gallon in the last week, averaging $3.98 per gallon, according to GasBuddy’s survey of 4,081 stations in Virginia.

Prices in Virginia are 27.9 cents per gallon lower than a month ago and stand $1.26 per gallon higher than a year ago.

The national average price of gasoline has fallen 7.5 cents per gallon in the last week, averaging $4.10 per gallon today. The national average is down 23.3 cents per gallon from a month ago and stands $1.25 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.

Analysis

“Gas prices have continued to move in the right direction – down – saving Americans approximately $100 million every day compared to when prices peaked about a month ago. And, more good news is on the horizon: the national average this week will likely fall back under the critical $4 per gallon mark,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

“It remains possible that gas prices may have hit their 2022 peak, barring the typical caveats like the Russia war on Ukraine, the economy, hurricane season and Covid don’t take drastic and unexpected turns. Diesel prices are also falling and likely to go back under the $5 per gallon average this week. The situation for now continues to show signs of improving, with the national average falling back into the $3 range as early as this week.”

Trends

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

• April 11, 2021: $2.72/g (U.S. Average: $2.85/g)
• April 11, 2020: $1.78/g (U.S. Average: $1.84/g)
• April 11, 2019: $2.57/g (U.S. Average: $2.82/g)
• April 11, 2018: $2.49/g (U.S. Average: $2.67/g)
• April 11, 2017: $2.22/g (U.S. Average: $2.40/g)
• April 11, 2016: $1.89/g (U.S. Average: $2.04/g)
• April 11, 2015: $2.20/g (U.S. Average: $2.39/g)
• April 11, 2014: $3.46/g (U.S. Average: $3.62/g)
• April 11, 2013: $3.48/g (U.S. Average: $3.56/g)
  April 11, 2012: $3.91/g (U.S. Average: $3.91/g)

Neighboring areas and their current gas prices:

• Roanoke- $3.90/g, down 9.7 cents per gallon from last week’s $3.99/g.
• Richmond- $3.96/g, down 6.8 cents per gallon from last week’s $4.03/g.
• West Virginia- $3.98/g, down 5.4 cents per gallon from last week’s $4.04/g.

GasBuddy data is accessible at prices.GasBuddy.com.