Gas prices in Virginia continue to fall: Trend to continue in coming weeks?

Gas prices in Virginia have fallen 4.5 cents per gallon in the last week, averaging $3.93 per gallon today, according to GasBuddy’s survey of 4,081 stations in Virginia.

Prices in Virginia are 19.5 cents per gallon lower than a month ago and stand $1.22 per gallon higher than a year ago.

The national average price of gasoline has fallen 3.8 cents per gallon in the last week, averaging $4.06 per gallon today. The national average is down 21.1 cents per gallon from a month ago and stands $1.21 per gallon higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

Analysis

“We’ve now seen the national average price of gasoline decline every week for the last month, a feat we most likely would not have expected ahead of summer and given the continued turns in Russia’s war on Ukraine. However, the downturn could slow or could even reverse in the days ahead if the rally in oil prices continues,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “A barrel of crude is now $14 higher than it was last week, as the European Union weighs placing harsher sanctions on Russia. This could further tilt the delicate balance of supply and demand in the wrong way, potentially sending oil prices up significantly if implemented. The path forward at the pump remains murky, however, with many possible outcomes, so motorists should be prepared for a bumpy ride.”

Trends

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

• April 18, 2021: $2.72/g (U.S. Average: $2.85/g)
• April 18, 2020: $1.73/g (U.S. Average: $1.78/g)
• April 18, 2019: $2.59/g (U.S. Average: $2.84/g)
• April 18, 2018: $2.56/g (U.S. Average: $2.74/g)
• April 18, 2017: $2.23/g (U.S. Average: $2.41/g)
• April 18, 2016: $1.94/g (U.S. Average: $2.11/g)
• April 18, 2015: $2.24/g (U.S. Average: $2.44/g)
• April 18, 2014: $3.49/g (U.S. Average: $3.66/g)
• April 18, 2013: $3.43/g (U.S. Average: $3.51/g)
• April 18, 2012: $3.88/g (U.S. Average: $3.90/g)

Neighboring areas and their current gas prices:

• Roanoke- $3.85/g, down 4.5 cents per gallon from last week’s $3.90/g.
• Richmond- $3.91/g, down 5.6 cents per gallon from last week’s $3.96/g.
• West Virginia- $3.92/g, down 5.7 cents per gallon from last week’s $3.98/g.

GasBuddy data is accessible at prices.GasBuddy.com.