Gas prices spike in wake of Colonial Pipeline shutdown

Virginia gas prices have risen 16.4 cents per gallon in the past week, averaging $2.95/gallon today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 23.4 cents per gallon higher than a month ago and stand $1.22/g higher than a year ago.

The national average price of gasoline has risen 6.4 cents per gallon in the last week, averaging $3.03/g today. The national average is up 16.8 cents per gallon from a month ago and stands $1.17/g higher than a year ago.

Analysis

“The national average gas price surged last week thanks to big price jumps in Southeastern states due to the previously shut down Colonial Pipeline, but most areas outside that region saw smaller fluctuations,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“With the pipeline now back in service, I expect prices to come down in the hardest hit states, specifically the Carolinas, Georgia, Tennessee, Florida and Virginia. The drops should lead the national average to soon fall back under the $3 per gallon mark, but motorists shouldn’t get too excited- prices may start to head higher in a few weeks should Memorial Day gasoline demand be red hot.

“In addition, motorists in the affected areas should see outage numbers continue to decline this week, especially early in the week when gasoline demand tends to be lowest. I’m optimistic that there will be enough recovery by Memorial Day for motorists in these states to fill up without having to search for gasoline.”

Trends

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

• May 17, 2020: $1.73/g (U.S. Average: $1.86/g)
• May 17, 2019: $2.60/g (U.S. Average: $2.86/g)
• May 17, 2018: $2.70/g (U.S. Average: $2.91/g)
• May 17, 2017: $2.15/g (U.S. Average: $2.33/g)
• May 17, 2016: $2.06/g (U.S. Average: $2.22/g)
• May 17, 2015: $2.47/g (U.S. Average: $2.71/g)
• May 17, 2014: $3.45/g (U.S. Average: $3.65/g)
• May 17, 2013: $3.38/g (U.S. Average: $3.62/g)
• May 17, 2012: $3.55/g (U.S. Average: $3.72/g)
• May 17, 2011: $3.87/g (U.S. Average: $3.94/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.89/g, up 16.0 cents per gallon from last week’s $2.73/g.
• Richmond- $2.94/g, up 18.8 cents per gallon from last week’s $2.76/g.
• West Virginia- $2.97/g, up 9.9 cents per gallon from last week’s $2.87/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.