Gas prices pushing upward: Seasonal rise beginning?

Gas prices trended upward again over the past week, pushing up 3.8 cents per gallon in Virginia over the past seven days, according to GasBuddy’s daily survey of 4,081 stations.

That’s still down 9.1 cents per gallon lower than where prices at the pump were a month ago, and there’s still uncertainty on the world markets with travel uncertainty due to the coronavirus.

“With oil prices having pushed higher in recent weeks, we saw the national average price of gasoline increase for the second straight week. Yet with much unknown after a rocky weekend with the COVID-19 coronavirus spreading into new countries, we still could see the current uptick slow with more countries potentially locking down travel,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

This is a time of year when you traditionally see prices pushing upward anyway, DeHaan noted, with prices annually rising an average of 54 cents per gallon over the past decade between Feb. 9 and May 2 due to seasonal fluctuations.

“This year could look much different based on myriad unknowns that continue to fog the situation,” DeHaan said. “It’s nearly guaranteed that prices will be higher by April and May, but beyond that, the timing remains completely unknown, as does how the coronavirus will threaten overall gasoline demand.”

Inside the Numbers

According to GasBuddy price reports, the cheapest station in Virginia is priced at $1.85/g today while the most expensive is $2.99/g, a difference of $1.14/g. The lowest price in the state today is $1.85/g while the highest is $2.99/g, a difference of $1.14/g. The cheapest price in the entire country today stands at $1.75/g while the most expensive is $99.90/g, a difference of $98.15/g.

The national average price of gasoline has risen 2.4 cents per gallon in the last week, averaging $2.47/g today. The national average is down 6.4 cents per gallon from a month ago and stands 7.3 cents per gallon higher than a year ago.

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

• February 24, 2019: $2.19/g (U.S. Average: $2.39/g)
• February 24, 2018: $2.36/g (U.S. Average: $2.51/g)
• February 24, 2017: $2.10/g (U.S. Average: $2.28/g)
• February 24, 2016: $1.54/g (U.S. Average: $1.71/g)
• February 24, 2015: $2.18/g (U.S. Average: $2.31/g)
• February 24, 2014: $3.23/g (U.S. Average: $3.42/g)
• February 24, 2013: $3.70/g (U.S. Average: $3.78/g)
• February 24, 2012: $3.58/g (U.S. Average: $3.65/g)
• February 24, 2011: $3.10/g (U.S. Average: $3.24/g)
• February 24, 2010: $2.58/g (U.S. Average: $2.67/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.24/g, up 4.2 cents per gallon from last week’s $2.20/g.
• Richmond- $2.17/g, up 3.9 cents per gallon from last week’s $2.13/g.
• West Virginia- $2.39/g, down 0.5 cents per gallon from last week’s $2.39/g.

About GasBuddy

GasBuddy is the authoritative voice for gas prices and the only source for station-level data spanning nearly two decades. Unlike AAA’s once daily survey covering credit card transactions at 100,000 stations and the Lundberg Survey, updated once every two weeks based on 7,000 gas stations, GasBuddy’s survey updates 288 times every day from the most diverse list of sources covering nearly 150,000 stations nationwide, the most comprehensive and up-to-date in the country. GasBuddy data is accessible at http://FuelInsights.GasBuddy.com.