Gas prices holding steady ahead of anticipated increase with warmer temps

Virginia gas prices have fallen 0.7 cents per gallon in the past week, averaging $2.73/gallon today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 8.0 cents per gallon higher than a month ago and stand 89.3 cents per gallon higher than a year ago.

The national average price of gasoline has fallen 0.4 cents per gallon in the last week, averaging $2.86/g today. The national average is up 9.9 cents per gallon from a month ago and stands 95.5 cents per gallon higher than a year ago.

Analysis

“Last week was a mixed bag for consumers at the pump as gas prices in half of states rose, while the other half saw declines, with March closing like a lamb after starting out like a lion,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“Oil prices have shown signs of strength in the last few trading sessions, as OPEC agreed to raise oil production starting in May by a very modest 350,000 barrels per day. Overall, it’s a small increase in output as global demand continues to show strength in light of Covid-related improvements. U.S. gasoline demand rose for the sixth straight week as consumers hit the road for Easter, and with demand growth likely to remain robust, we may see a second attempt at a run at a national average of $3 per gallon in the months ahead.

“While the last few weeks have seen gas prices hold mostly steady, it’s not likely to last forever, especially as Americans increasingly get outside as warmer temperatures return.”

Trends

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

• April 5, 2020: $1.83/g (U.S. Average: $1.91/g)
• April 5, 2019: $2.51/g (U.S. Average: $2.74/g)
• April 5, 2018: $2.48/g (U.S. Average: $2.66/g)
• April 5, 2017: $2.17/g (U.S. Average: $2.38/g)
• April 5, 2016: $1.90/g (U.S. Average: $2.05/g)
• April 5, 2015: $2.19/g (U.S. Average: $2.39/g)
• April 5, 2014: $3.43/g (U.S. Average: $3.57/g)
• April 5, 2013: $3.53/g (U.S. Average: $3.62/g)
• April 5, 2012: $3.93/g (U.S. Average: $3.94/g)
• April 5, 2011: $3.60/g (U.S. Average: $3.69/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.64/g, down 1.9 cents per gallon from last week’s $2.66/g.
• Richmond- $2.71/g, down 0.5 cents per gallon from last week’s $2.72/g.
• West Virginia- $2.74/g, unchanged  from last week’s $2.74/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.