Gas prices in Virginia down as crude oil declines over 2020 election uncertainty

Virginia gas prices have fallen 1.7 cents per gallon in the past week, averaging $2.07/gallon today, according to GasBuddy’s daily survey of 4,081 stations.

Gas prices in Virginia are 3.1 cents per gallon lower than a month ago and stand 26.1 cents per gallon lower than a year ago.

The national average price of gasoline has fallen 2.7 cents per gallon in the last week, averaging $2.12/gallon today. The national average is down 6.1 cents per gallon from a month ago and stands 48.0 cents per gallon lower than a year ago.

Analysis

“The drop in gas prices has accelerated in the last week as oil prices continue to slide on uncertainty over the election, stimulus and as coronavirus case counts soar, leading to more states rolling back their reopening plans,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “In just the last few days, it feels like uncertainty over a potential legal fight over the U.S. election has also risen to near panic levels, all of which throws more uncertainty into the ring, keeping the U.S. from potentially having a clear leader to turn things around. For now, it’s virtually guaranteed that the national average will fall to under $2 per gallon in the next two weeks, so motorists need not be in a rush to fill their tanks.”

Trends

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

• November 2, 2019: $2.33/g (U.S. Average: $2.60/g)
• November 2, 2018: $2.56/g (U.S. Average: $2.75/g)
• November 2, 2017: $2.29/g (U.S. Average: $2.51/g)
• November 2, 2016: $2.06/g (U.S. Average: $2.21/g)
• November 2, 2015: $1.96/g (U.S. Average: $2.19/g)
• November 2, 2014: $2.76/g (U.S. Average: $2.97/g)
• November 2, 2013: $3.11/g (U.S. Average: $3.25/g)
• November 2, 2012: $3.36/g (U.S. Average: $3.49/g)
• November 2, 2011: $3.30/g (U.S. Average: $3.43/g)
• November 2, 2010: $2.68/g (U.S. Average: $2.78/g)

Neighboring areas and their current gas prices:

• Roanoke- $1.93/g, down 2.7 cents per gallon from last week’s $1.96/g.
• Richmond- $2.06/g, down 2.0 cents per gallon from last week’s $2.08/g.
• West Virginia- $2.12/g, up 0.3 cents per gallon from last week’s $2.12/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.