Gas prices in Virginia up sharply over the past week

Virginia gas prices have risen 6.8 cents per gallon in the past week, averaging $3.12/g today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 12.2 cents per gallon higher than a month ago and stand 99.0 cents per gallon higher than a year ago.

The national average price of gasoline has risen 5.2 cents per gallon in the last week, averaging $3.25/g today. The national average is up 7.5 cents per gallon from a month ago and stands $1.08/g higher than a year ago.

Analysis

“Last week saw oil prices advance to their highest in seven years, with a barrel of West Texas Intermediate crude oil surpassing the critical $80 per barrel level. The nation’s gas prices were also pushed to their highest since 2014, all on OPEC’s decision not to raise production more than it already agreed to in July,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“The OPEC decision caused an immediate reaction in oil prices, and amidst what is turning into a global energy crunch, motorists are now spending over $400 million more on gasoline every single day than they were just a year ago. The problems continue to relate to a surge in demand as the global economy recovers, combined with deep cuts to production from early in the pandemic. If Americans can’t slow their appetite for fuels, we’ve got no place for prices to go but up.”

Trends

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

October 11, 2020: $2.13/g (U.S. Average: $2.16/g)
October 11, 2019: $2.34/g (U.S. Average: $2.64/g)
October 11, 2018: $2.70/g (U.S. Average: $2.90/g)
October 11, 2017: $2.33/g (U.S. Average: $2.47/g)
October 11, 2016: $2.11/g (U.S. Average: $2.25/g)
October 11, 2015: $2.06/g (U.S. Average: $2.31/g)
October 11, 2014: $3.03/g (U.S. Average: $3.21/g)
October 11, 2013: $3.12/g (U.S. Average: $3.33/g)
October 11, 2012: $3.60/g (U.S. Average: $3.81/g)
October 11, 2011: $3.24/g (U.S. Average: $3.39/g)

Neighboring areas and their current gas prices:

Roanoke- $3.03/g, up 5.8 cents per gallon from last week’s $2.97/g.
Richmond- $3.08/g, up 10.1 cents per gallon from last week’s $2.98/g.
West Virginia- $3.11/g, up 1.8 cents per gallon from last week’s $3.10/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.