Gas prices rising sharply: What is fueling the rapid increase?

Gas prices in Virginia have risen 7.4 cents per gallon in the last week, averaging $3.27/gallon today, according to GasBuddy’s survey of 4,081 stations in Virginia.

Prices in Virginia are 13.3 cents per gallon higher than a month ago and stand 93.7 cents per gallon higher than a year ago.

The national average price of gasoline has risen 8.0 cents per gallon in the last week, averaging $3.42/gallon today. The national average is up 12.3 cents per gallon from a month ago and stands 97.5 cents 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

“Gas prices saw their sharpest rise in months last week as oil surged to $93 per barrel, on continued concerns over Russia invading Ukraine and that there won’t be enough supply to meet demand come this summer,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

“With the national average at its highest level since 2014, the news is grim: motorists should expect even more price increases, with the larger jumps coming later this spring as a confluence of seasonal factors and the potential flare up in geopolitical tensions. Ultimately, the national average could be pushed to record territory by the start of the summer driving season.”

Trends

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

• February 7, 2021: $2.34/g (U.S. Average: $2.45/g)
• February 7, 2020: $2.25/g (U.S. Average: $2.43/g)
• February 7, 2019: $2.09/g (U.S. Average: $2.30/g)
• February 7, 2018: $2.44/g (U.S. Average: $2.60/g)
• February 7, 2017: $2.11/g (U.S. Average: $2.26/g)
• February 7, 2016: $1.62/g (U.S. Average: $1.74/g)
• February 7, 2015: $2.07/g (U.S. Average: $2.17/g)
• February 7, 2014: $3.13/g (U.S. Average: $3.26/g)
• February 7, 2013: $3.44/g (U.S. Average: $3.56/g)
• February 7, 2012: $3.45/g (U.S. Average: $3.48/g)

Neighboring areas and their current gas prices:

• Roanoke- $3.16/g, up 3.5 cents per gallon from last week’s $3.12/g.
• Richmond- $3.27/g, up 9.5 cents per gallon from last week’s $3.17/g.
• West Virginia- $3.27/g, up 11.2 cents per gallon from last week’s $3.16/g.

GasBuddy data is accessible at prices.GasBuddy.com.