Gas prices tick slightly upward: What’s in the future?

Virginia gas prices have risen one cent per gallon in the past week, averaging $3.15/gallon today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 2.7 cents per gallon lower than a month ago and stand 84.9 cents per gallon higher than a year ago.

The national average price of gasoline has risen 1.3 cents per gallon in the last week, averaging $3.31/gallon today. The national average is unchanged  from a month ago and stands 93.3 cents per gallon higher than a year ago.

Analysis

“Average gas prices saw a slight boost over the last week as the rising price of crude oil continues to push prices up. While the rise was fairly tame, some states still saw slight declines. Gasoline demand, aside from motorists filling up ahead of the weekend winter storm, has been lackluster. The real pain at the pump will start in about 4-6 weeks,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“Oil prices continue to edge higher as oil production remains a concern due to unrest in Libya and Kazakhstan, however, some improvement in the latter situation could lead to oil prices being more subdued.”

Trends

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

• January 17, 2021: $2.30/g (U.S. Average: $2.38/g)
• January 17, 2020: $2.39/g (U.S. Average: $2.55/g)
• January 17, 2019: $2.07/g (U.S. Average: $2.25/g)
• January 17, 2018: $2.37/g (U.S. Average: $2.55/g)
• January 17, 2017: $2.21/g (U.S. Average: $2.33/g)
• January 17, 2016: $1.72/g (U.S. Average: $1.90/g)
• January 17, 2015: $1.99/g (U.S. Average: $2.07/g)
• January 17, 2014: $3.19/g (U.S. Average: $3.29/g)
• January 17, 2013: $3.27/g (U.S. Average: $3.29/g)
• January 17, 2012: $3.31/g (U.S. Average: $3.38/g)

Neighboring areas and their current gas prices:

• Roanoke- $3.09/g, up 3.0 cents per gallon from last week’s $3.06/g.
• Richmond- $3.13/g, up 0.8 cents per gallon from last week’s $3.12/g.
• West Virginia- $3.16/g, down 0.5 cents per gallon from last week’s $3.17/g.

GasBuddy data is accessible at prices.GasBuddy.com.