Gas prices inching higher past July Fourth holiday

Virginia gas prices have risen 0.9 cents per gallon in the past week, averaging $2.94/gallon today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 1.2 cents per gallon higher than a month ago and stand 94.3 cents per gallon higher than a year ago.

The national average price of gasoline is unchanged  in the last week, averaging $3.12/gallon today. The national average is up 7.9 cents per gallon from a month ago and stands 94.3 cents per gallon higher than a year ago.

Analysis

“Gasoline demand over the holiday weekend certainly did not disappoint as millions of Americans flooded the roads for the long weekend, guzzling down gasoline at a clip not seen in years, and in the process, we could have set new all-time records for consumption,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“As OPEC+ met over the weekend and saw a heated disagreement about raising oil production, WTI crude oil surged in Monday evening electronic trading to nearly $77 per barrel on higher demand and a lack of additional supply from OPEC amidst a mountain of disagreement on how to respond to the market. For now, with imbalances in supply and demand continuing, motorists will continue digging deeper to pay for gasoline as prices are likely headed no where but up until global supply starts to catch up with the continued surge in demand.”

Trends

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

• July 6, 2020: $2.00/g (U.S. Average: $2.18/g)
• July 6, 2019: $2.49/g (U.S. Average: $2.75/g)
• July 6, 2018: $2.63/g (U.S. Average: $2.86/g)
• July 6, 2017: $2.04/g (U.S. Average: $2.26/g)
• July 6, 2016: $2.08/g (U.S. Average: $2.25/g)
• July 6, 2015: $2.57/g (U.S. Average: $2.76/g)
• July 6, 2014: $3.47/g (U.S. Average: $3.65/g)
• July 6, 2013: $3.33/g (U.S. Average: $3.47/g)
• July 6, 2012: $3.18/g (U.S. Average: $3.36/g)
• July 6, 2011: $3.43/g (U.S. Average: $3.57/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.87/g, up 1.5 cents per gallon from last week’s $2.86/g.
• Richmond- $2.92/g, unchanged  from last week’s $2.92/g.
• West Virginia- $3.04/g, up 1.4 cents per gallon from last week’s $3.03/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.