Gas prices marginally lower as OPEC deal stabilizes market

Virginia gas prices have fallen 2.5 cents per gallon in the past week, averaging $1.78/g today, according to GasBuddy’s daily survey of 4,081 stations.

Gas prices in Virginia are 32.5 cents per gallon lower than a month ago and stand 79.5 cents per gallon lower than a year ago.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.

The OPEC deal announced over the weekend won’t likely have an immediate impact on prices at the pump in the near-term, according to Patrick DeHaan, head of petroleum analysis for GasBuddy.

“Establishing a floor on ultra-low oil prices will hopefully keep U.S. oil production online instead of bankrupting producers,” DeHaan said. “The aim is exactly that, keep production online, which will keep prices affordable going forward, instead of ultra-low prices shutting in oil production, leading to a slingshot in gas prices years from now.”

In the here and now, DeHaan expects prices to continue moderating.

According to GasBuddy price reports, the cheapest station in Virginia is priced at $1.03/g today while the most expensive is $2.99/g, a difference of $1.96/g. The lowest price in the state today is $1.03/g while the highest is $2.99/g, a difference of $1.96/g.

The national average price of gasoline has fallen 7.2 cents per gallon in the last week, averaging $1.83/g today. The national average is down 42.3 cents per gallon from a month ago and stands 100.3 cents per gallon lower than a year ago.

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

• April 13, 2019: $2.58/g (U.S. Average: $2.83/g)
• April 13, 2018: $2.52/g (U.S. Average: $2.70/g)
• April 13, 2017: $2.22/g (U.S. Average: $2.41/g)
• April 13, 2016: $1.90/g (U.S. Average: $2.08/g)
• April 13, 2015: $2.20/g (U.S. Average: $2.39/g)
• April 13, 2014: $3.47/g (U.S. Average: $3.64/g)
• April 13, 2013: $3.46/g (U.S. Average: $3.53/g)
• April 13, 2012: $3.90/g (U.S. Average: $3.89/g)
• April 13, 2011: $3.72/g (U.S. Average: $3.81/g)
• April 13, 2010: $2.77/g (U.S. Average: $2.84/g)

Neighboring areas and their current gas prices:

• Roanoke- $1.63/g, down 3.6 cents per gallon from last week’s $1.66/g.
• Richmond- $1.72/g, down 3.6 cents per gallon from last week’s $1.76/g.
• West Virginia- $1.82/g, down 3.7 cents per gallon from last week’s $1.85/g.