Gas prices in Virginia, U.S. continue recent downward trend

Virginia gas prices have fallen 0.9 cents per gallon in the past week, averaging $2.04/gallon today, according to GasBuddy’s daily survey of 4,081 stations.

Gas prices in Virginia are 6.5 cents per gallon lower than a month ago and stand 31.2 cents per gallon lower than a year ago.

The national average price of gasoline has fallen 1.9 cents per gallon in the last week, averaging $2.09/g today. The national average is down 8.8 cents per gallon from a month ago and stands 53.7 cents per gallon lower than a year ago.

Analysis

“As expected, previous weakness in oil has continued to translate into falling gasoline prices nearly nationwide as motorists cast their ballots last week, but the six week trend could reverse on optimism that President-elect Biden may move quickly to get organized and Sen. Majority Leader McConnell has said stimulus is high on his agenda, aiding the economy and oil demand,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “As of late Sunday, a barrel of West Texas Intermediate crude oil was up over 8% compared to just last Monday, a solid rally that may eventually halt the decline in gasoline prices, should the optimism continue even against a backdrop of a continued global rise in coronavirus cases. It remains challenging to predict how the Presidential transition may occur, and if it drags the economy down, I could see pessimism and lower prices return, but for now, it appears that a solid dose of optimism may soon drive prices up.”

Trends

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

• November 9, 2019: $2.36/g (U.S. Average: $2.63/g)
• November 9, 2018: $2.51/g (U.S. Average: $2.70/g)
• November 9, 2017: $2.32/g (U.S. Average: $2.56/g)
• November 9, 2016: $2.04/g (U.S. Average: $2.19/g)
• November 9, 2015: $2.02/g (U.S. Average: $2.21/g)
• November 9, 2014: $2.73/g (U.S. Average: $2.92/g)
• November 9, 2013: $3.06/g (U.S. Average: $3.18/g)
• November 9, 2012: $3.29/g (U.S. Average: $3.45/g)
• November 9, 2011: $3.30/g (U.S. Average: $3.43/g)
• November 9, 2010: $2.72/g (U.S. Average: $2.85/g)

Neighboring areas and their current gas prices:

• Roanoke- $1.93/g, up 1 cent per gallon from last week’s $1.92/g.
• Richmond- $2.04/g, down 2.7 cents per gallon from last week’s $2.07/g.
• West Virginia- $2.08/g, down 3.3 cents per gallon from last week’s $2.11/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.