Gas prices still over $3 a gallon: Global tensions may push them higher

Average gasoline prices in Virginia are unchanged in the last week, averaging $3.14/gallon today, according to GasBuddy’s survey of 4,081 stations in Virginia.

Prices in Virginia are 5.4 cents per gallon lower than a month ago and stand 94.1 cents per gallon higher than a year ago.

The national average price of gasoline has risen 2.3 cents per gallon in the last week, averaging $3.29/gallon today. The national average is down 5.5 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

“Oil prices have remained stubbornly strong, touching nearly $80 per barrel last week, pushing gasoline prices higher even as U.S. gasoline demand starts to struggle. Some of this is typical seasonal weakness, but the lack of demand is likely enhanced by omicron cases surging and Americans who are just a bit more hesitant to get out right now,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“In addition, unrest in Kazakhstan, the 18th largest oil producer, is likely leading to impacts on oil production, while continued unrest in Libya also worries markets and overpowers the seasonal drop in gasoline demand. Without improvement or stability in oil producing countries, we’re likely to continue to see upward pressure on oil prices.”

Trends

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

• January 10, 2021: $2.20/g (U.S. Average: $2.31/g)
• January 10, 2020: $2.42/g (U.S. Average: $2.59/g)
• January 10, 2019: $2.06/g (U.S. Average: $2.25/g)
• January 10, 2018: $2.33/g (U.S. Average: $2.51/g)
• January 10, 2017: $2.23/g (U.S. Average: $2.36/g)
• January 10, 2016: $1.78/g (U.S. Average: $1.97/g)
• January 10, 2015: $2.06/g (U.S. Average: $2.14/g)
• January 10, 2014: $3.22/g (U.S. Average: $3.30/g)
• January 10, 2013: $3.28/g (U.S. Average: $3.31/g)
• January 10, 2012: $3.28/g (U.S. Average: $3.37/g)

Neighboring areas and their current gas prices:

• Roanoke- $3.08/g, up 0.7 cents per gallon from last week’s $3.07/g.
• Richmond- $3.12/g, down 0.7 cents per gallon from last week’s $3.13/g.
• West Virginia- $3.17/g, down 0.5 cents per gallon from last week’s $3.17/g.

GasBuddy data is accessible at prices.GasBuddy.com.