Gas prices: Holding steady, ‘stubbornly high’

Virginia gas prices have fallen 0.6 cents per gallon in the past week, averaging $2.93/gallon today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 16.1 cents per gallon higher than a month ago and stand $1.11/gallon higher than a year ago.

The national average price of gasoline is also up 0.6 cents per gallon in the last week, averaging $3.04/gallon today. The national average is up 8.4 cents per gallon from a month ago and stands $1.02/gallon higher than a year ago.

Analysis

“We’re entering our fourth straight week with the national average above the key $3 per gallon level, but while gas prices haven’t broken past the low $3s, they have also failed to decline much from their peak as demand for gasoline continues to push higher as the summer driving season is underway,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“According to GasBuddy data, gasoline demand last week eclipsed the prior week, when millions of Americans were gearing up for Memorial Day travel, not an easy feat, but highlights that economic conditions are ripe for continued growth in demand, contributing to prices holding at high levels. As OPEC has maintained a slow but steady increase in oil production, that additional production is quickly being gobbled up by a global economy that continues to recover.

“Our current gas prices likely won’t change much by July 4, but remain stubbornly high, barring any major curveballs to supply and demand.”

Trends

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

• June 7, 2020: $1.82/g (U.S. Average: $2.02/g)
• June 7, 2019: $2.52/g (U.S. Average: $2.75/g)
• June 7, 2018: $2.71/g (U.S. Average: $2.94/g)
• June 7, 2017: $2.15/g (U.S. Average: $2.35/g)
• June 7, 2016: $2.20/g (U.S. Average: $2.36/g)
• June 7, 2015: $2.53/g (U.S. Average: $2.76/g)
• June 7, 2014: $3.46/g (U.S. Average: $3.66/g)
• June 7, 2013: $3.36/g (U.S. Average: $3.64/g)
• June 7, 2012: $3.35/g (U.S. Average: $3.56/g)
• June 7, 2011: $3.63/g (U.S. Average: $3.76/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.84/g, down 1.2 cents per gallon from last week’s $2.85/g.
• Richmond- $2.93/g, down 0.4 cents per gallon from last week’s $2.94/g.
• West Virginia- $2.98/g, down 0.5 cents per gallon from last week’s $2.98/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.