Gas prices spiking: What is behind the rapid increase the past few weeks?

Gas prices in Virginia have risen 8.4 cents per gallon in the last week, averaging $3.36/gallon today, according to GasBuddy’s survey of 4,081 stations in Virginia.

Prices in Virginia are 21.6 cents per gallon higher than a month ago and stand 95.6 cents per gallon higher than a year ago.

The national average price of gasoline has risen 4.6 cents per gallon in the last week, averaging $3.47/gallon today. The national average is up 16.5 cents per gallon from a month ago and stands 97.2 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

“The jump in gasoline prices has continued unabated as oil prices continue to push higher, reaching $94 per barrel last week on continued concern over the possible imminent threat that Russia may invade Ukraine,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Not only are oil prices up, but the bulk of the nation is starting the multi-month transition to summer gasoline, further adding to the rise at the pump. In addition, cold weather in Texas last week caused some power outages at major refineries, further weighing on markets. I see no other potentials in the short term but additional price increases unless Russia does an about-face on Ukraine. Even then, we’ll still see seasonality push prices up, so motorists should be ready to dig deeper.”

Trends

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

• February 14, 2021: $2.40/g (U.S. Average: $2.50/g)
• February 14, 2020: $2.22/g (U.S. Average: $2.43/g)
• February 14, 2019: $2.09/g (U.S. Average: $2.30/g)
• February 14, 2018: $2.40/g (U.S. Average: $2.55/g)
• February 14, 2017: $2.11/g (U.S. Average: $2.28/g)
• February 14, 2016: $1.56/g (U.S. Average: $1.69/g)
• February 14, 2015: $2.12/g (U.S. Average: $2.24/g)
• February 14, 2014: $3.18/g (U.S. Average: $3.33/g)
• February 14, 2013: $3.49/g (U.S. Average: $3.63/g)
• February 14, 2012: $3.50/g (U.S. Average: $3.51/g)

Neighboring areas and their current gas prices:

• Roanoke- $3.25/g, up 9.4 cents per gallon from last week’s $3.16/g.
• Richmond- $3.36/g, up 9.2 cents per gallon from last week’s $3.27/g.
• West Virginia- $3.28/g, up 0.8 cents per gallon from last week’s $3.27/g.

GasBuddy data is accessible at prices.GasBuddy.com.