Gas prices holding steady: Going up, going down, over the next few weeks?

Virginia gas prices are unchanged  in the past week, averaging $3.30/gallon today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 18.9 cents per gallon higher than a month ago and stand $1.25/gallon higher than a year ago.

The national average price of gasoline has risen 1.8 cents per gallon in the last week, averaging $3.41/gallon today. The national average is up 15.1 cents per gallon from a month ago and stands $1.31/gallon higher than a year ago.

Analysis

“Last week saw oil prices briefly fall back under $80 for the first time in weeks. While it wasn’t enough to provide much relief last week, we should see small declines this week in a majority of the country, thanks to the corresponding drop in wholesale gasoline prices,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“At OPEC’s monthly meeting last week, the cartel held firm to the small increases they agreed to in July, raising November production by 400,000 barrels per day. With President Biden still mulling over options to help push gas prices down, we could continue to see some volatility in oil prices. I don’t immediately see a large decline or surge coming in the run up to Thanksgiving, but U.S. gasoline demand does remain strong. Levels are currently rivaling September demand, so we know high prices aren’t significantly curbing consumption.”

Trends

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

• November 8, 2020: $2.04/g (U.S. Average: $2.09/g)
• November 8, 2019: $2.36/g (U.S. Average: $2.63/g)
• November 8, 2018: $2.52/g (U.S. Average: $2.72/g)
• November 8, 2017: $2.32/g (U.S. Average: $2.56/g)
• November 8, 2016: $2.04/g (U.S. Average: $2.20/g)
• November 8, 2015: $2.02/g (U.S. Average: $2.22/g)
• November 8, 2014: $2.73/g (U.S. Average: $2.93/g)
• November 8, 2013: $3.07/g (U.S. Average: $3.20/g)
• November 8, 2012: $3.30/g (U.S. Average: $3.46/g)
• November 8, 2011: $3.28/g (U.S. Average: $3.41/g)

Neighboring areas and their current gas prices:

• Roanoke- $3.26/g, up 1.8 cents per gallon from last week’s $3.24/g.
• Richmond- $3.27/g, unchanged  from last week’s $3.27/g.
• West Virginia- $3.33/g, up 0.5 cents per gallon from last week’s $3.32/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.