Gas prices holding steady after recent increases: Trend still pointing upward

Gas prices in Virginia are holding steady this week, with prices at the pump averaging $1.80/gallon today, according to GasBuddy’s daily survey of 4,081 stations.

The recent trend is still pointing upward, with prices 12.4 cents per gallon higher than a month ago.

The national average price of gasoline has risen 0.7 cents per gallon in the last week, averaging $1.97/g today, up 20.0 cents per gallon from a month ago.

Where things go from here is tied to the pace of states reopening from their COVID-19 lockdowns.

“The pace of increases has begun to throttle back over the last week in most states as gasoline demand’s recovery has slowed, keeping prices from matching their rapid pace from just a couple weeks ago. Prices will continue to move in lock-step with the coronavirus situation, so it remains challenging to know where prices will go in the weeks ahead,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“Oil prices saw another weekly rise, closing last week at over $35 per barrel due to a collision between oil production cuts and gasoline demand in the U.S. which has been on the mend, leading oil’s rally. The recovery in gas prices is likely to continue, though at a slower pace than what we’ve seen, with $2 per gallon likely coming in the next week or two.”

GasBuddy data is accessible at http://FuelInsights.GasBuddy.com.

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

• June 1, 2019: $2.55/g (U.S. Average: $2.81/g)
• June 1, 2018: $2.75/g (U.S. Average: $2.96/g)
• June 1, 2017: $2.16/g (U.S. Average: $2.38/g)
• June 1, 2016: $2.18/g (U.S. Average: $2.32/g)
• June 1, 2015: $2.52/g (U.S. Average: $2.75/g)
• June 1, 2014: $3.47/g (U.S. Average: $3.68/g)
• June 1, 2013: $3.38/g (U.S. Average: $3.60/g)
• June 1, 2012: $3.41/g (U.S. Average: $3.61/g)
• June 1, 2011: $3.68/g (U.S. Average: $3.77/g)
• June 1, 2010: $2.59/g (U.S. Average: $2.69/g)

Neighboring areas and their current gas prices:

• Roanoke- $1.64/g, up 1.3 cents per gallon from last week’s $1.62/g.
• Richmond- $1.73/g, unchanged  from last week’s $1.73/g.
• West Virginia- $1.92/g, up 2.6 cents per gallon from last week’s $1.90/g.