Gas prices down sharply in Virginia: Is this the new trend?

Gas prices in Virginia have fallen 12.9 cents per gallon in the last week, averaging $4.10 per gallon on Monday, according to GasBuddy’s survey of 4,081 stations in Virginia.

Prices in Virginia are 70.6 cents per gallon higher than a month ago and stand $1.34 a gallon higher than a year ago.

The national average price of gasoline has fallen 9.0 cents per gallon in the last week, averaging $4.23 per gallon today. The national average is up 71.5 cents per gallon from a month ago and stands $1.37 a 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

“GasBuddy, last week, predicted that a top was in for the national average price of gasoline, and indeed, for the first time in 12 weeks, the national average price of gasoline has declined. While the decline is still subject to changes in global supply and demand, Covid and Russia’s war on Ukraine, we are poised to see additional downdrafts at the pump this week in most areas,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “For now, gasoline demand has shown absolutely no signs of buckling under the pressure of higher prices, even as California nears an average of $6 per gallon, with spring break travel well underway. If the situation does worsen, with more oil being kept away from global markets, it’s not impossible that gas prices would still have to climb a considerable amount for Americans to start curbing their insatiable demand for gasoline.”

Trends

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

• March 21, 2021: $2.76/g (U.S. Average: $2.86/g)
• March 21, 2020: $2.00/g (U.S. Average: $2.09/g)
• March 21, 2019: $2.42/g (U.S. Average: $2.61/g)
• March 21, 2018: $2.39/g (U.S. Average: $2.57/g)
• March 21, 2017: $2.09/g (U.S. Average: $2.29/g)
• March 21, 2016: $1.83/g (U.S. Average: $1.98/g)
• March 21, 2015: $2.23/g (U.S. Average: $2.42/g)
• March 21, 2014: $3.34/g (U.S. Average: $3.52/g)
• March 21, 2013: $3.58/g (U.S. Average: $3.69/g)
• March 21, 2012: $3.79/g (U.S. Average: $3.87/g)

Neighboring areas and their current gas prices:

• Roanoke- $4.10/g, down 10.4 cents per gallon from last week’s $4.20/g.
• Richmond- $4.03/g, down 17.1 cents per gallon from last week’s $4.20/g.
• West Virginia- $4.08/g, down 2.0 cents per gallon from last week’s $4.10/g.

GasBuddy data is accessible at prices.GasBuddy.com.