Gas prices on the rise again: Why, and what can we expect?

Gas prices in Virginia have risen 2.1 cents per gallon in the last week, averaging $3.95 per gallon today, according to GasBuddy’s survey of 4,081 stations in Virginia.

Prices in Virginia are 18.1 cents per gallon lower than a month ago and stand $1.23 per gallon higher than a year ago.

The national average price of gasoline has risen 4.4 cents per gallon in the last week, averaging $4.11 per gallong today. The national average is down 13.3 cents per gallon from a month ago and stands $1.24 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

“For the first time in over a month, the national average price of gasoline has risen. Primarily, this was due to oil prices that had jumped the prior week, pushing up the price that stations pay for fuel and thus causing them to raise prices,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “The rise has been quite tame in most areas, while others have continued to gently decline. But, with the French election now behind us, there is risk that the EU could pursue harsher sanctions on Russia’s energy, which could cause oil prices to rise if it happens – something motorists should be on the watch for. In addition, U.S. oil inventories continue to decline, putting additional pressure on prices as the nation’s SPR continues to drain and Russia’s war on Ukraine remains ongoing. The global imbalance between supply and demand that led to these higher prices continues for the time being.”

Trends

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

• April 25, 2021: $2.72/g (U.S. Average: $2.87/g)
• April 25, 2020: $1.70/g (U.S. Average: $1.74/g)
• April 25, 2019: $2.65/g (U.S. Average: $2.88/g)
• April 25, 2018: $2.60/g (U.S. Average: $2.79/g)
• April 25, 2017: $2.22/g (U.S. Average: $2.40/g)
• April 25, 2016: $1.97/g (U.S. Average: $2.14/g)
• April 25, 2015: $2.32/g (U.S. Average: $2.52/g)
• April 25, 2014: $3.51/g (U.S. Average: $3.70/g)
• April 25, 2013: $3.39/g (U.S. Average: $3.51/g)
• April 25, 2012: $3.80/g (U.S. Average: $3.83/g)

Neighboring areas and their current gas prices:

• Roanoke- $3.86/g, up 0.6 cents per gallon from last week’s $3.85/g.
• Richmond- $3.94/g, up 2.9 cents per gallon from last week’s $3.91/g.
• West Virginia- $3.92/g, unchanged  from last week’s $3.92/g.

GasBuddy data is accessible at prices.GasBuddy.com.