Gas prices down slightly over the past week

Virginia gas prices fell 1.2 cents per gallon in the past week, averaging $2.00/gallon today, according to GasBuddy’s daily survey of 4,081 stations.

Gas prices in Virginia are 0.8 cents per gallon higher than a month ago and stand 50.0 cents per gallon lower than a year ago.

The national average price of gasoline has fallen 2.5 cents per gallon in the last week, averaging $2.17/g today. The national average is down 0.3 cents per gallon from a month ago and stands 56.3 cents per gallon lower than a year ago.

Analysis

“We remain stuck in neutral when it comes to gasoline prices. While Pay with GasBuddy data showed a small rebound in gasoline demand, oil prices have again failed to break out, leading to yet another week of little change at the pump,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “It’s a bit too early to tell if the small rise in gasoline demand last week will continue into this week, but it does seem the most likely situation. The V-shaped recovery in gasoline demand has been put on hold for nearly all of July as coronavirus cases surged, but once we recover from that and we see demand show several weeks of recovery, we’ll likely see gas prices begin to tick higher. For now, however, that gives motorists more time to fill up without having to worry about big jumps in prices.”

Gas prices in Virginia and the national average going back 10 years:

• July 27, 2019: $2.50/g (U.S. Average: $2.73/g)
• July 27, 2018: $2.62/g (U.S. Average: $2.85/g)
• July 27, 2017: $2.10/g (U.S. Average: $2.30/g)
• July 27, 2016: $1.94/g (U.S. Average: $2.14/g)
• July 27, 2015: $2.50/g (U.S. Average: $2.71/g)
• July 27, 2014: $3.35/g (U.S. Average: $3.52/g)
• July 27, 2013: $3.48/g (U.S. Average: $3.63/g)
• July 27, 2012: $3.34/g (U.S. Average: $3.48/g)
• July 27, 2011: $3.62/g (U.S. Average: $3.69/g)
• July 27, 2010: $2.57/g (U.S. Average: $2.72/g)

Neighboring areas and their current gas prices:

• Roanoke- $1.95/g, down 1.2 cents per gallon from last week’s $1.96/g.
• Richmond- $1.98/g, down 0.5 cents per gallon from last week’s $1.98/g.
• West Virginia- $2.12/g, down 2.5 cents per gallon from last week’s $2.15/g.

Details

GasBuddy data is accessible at FuelInsights.GasBuddy.com.