Gas prices holding steady with July 4 travel weekend approaching

Virginia gas prices have risen 0.4 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 1.2 cents per gallon lower than a month ago and stand 94.3 cents per gallon higher than a year ago.

The national average price of gasoline has risen 2.5 cents per gallon in the last week, averaging $3.09/g today. The national average is up 4.7 cents per gallon from a month ago and stands 92.1 cents per gallon higher than a year ago.

Analysis

“With oil’s continued push higher, fueled by continued strong demand globally and production only slowly answering, gasoline prices have had no choice but following the national average last week setting a new 2021 high,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“As we approach July 4, it appears the only way forward is for gas prices to continue their rise as Americans insatiable demand for gasoline continues to be the catalyst for the rise in price. With hurricane season soon coming into its prime, we have plenty of catalysts for a rise in price, and few that could restrain the situation. Motorists should prepare to dig deeper for the second half of the summer, unfortunately.”

Trends

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

• June 28, 2020: $1.99/g (U.S. Average: $2.17/g)
• June 28, 2019: $2.46/g (U.S. Average: $2.71/g)
• June 28, 2018: $2.61/g (U.S. Average: $2.86/g)
• June 28, 2017: $2.04/g (U.S. Average: $2.24/g)
• June 28, 2016: $2.11/g (U.S. Average: $2.29/g)
• June 28, 2015: $2.58/g (U.S. Average: $2.78/g)
• June 28, 2014: $3.49/g (U.S. Average: $3.68/g)
• June 28, 2013: $3.38/g (U.S. Average: $3.51/g)
• June 28, 2012: $3.17/g (U.S. Average: $3.36/g)
• June 28, 2011: $3.45/g (U.S. Average: $3.54/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.83/g, down 1.4 cents per gallon from last week’s $2.84/g.
• Richmond- $2.92/g, down 0.7 cents per gallon from last week’s $2.93/g.
• West Virginia- $2.98/g, up 0.7 cents per gallon from last week’s $2.97/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.