Gas prices trend downward for first time in weeks

Virginia gas prices have fallen 0.9 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 22.8 cents per gallon higher than a month ago and stand $1.16/gallon higher than a year ago.

The national average price of gasoline has fallen 1.9 cents per gallon in the last week, averaging $3.02/gallon today. The national average is up 14.0 cents per gallon from a month ago and stands $1.07/gallon higher than a year ago.

Analysis

“In the lead up to Memorial Day, we haven’t seen gas prices come down much, though with oil’s recent move lower, we should start to see more drops at the pump materialize in the days ahead,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“With the Colonial Pipeline situation continuing to improve in Southeastern states, fueling up for the holiday weekend shouldn’t be too challenging, save for a few pockets in GA, NC and SC, where outages remain a bit higher than neighboring states.

“For those hitting the road, we should see prices inch lower in the coming week through at least Memorial Day, so motorists need not rush to fill their tanks as the drop in oil prices should manifest into lower gas prices as we begin the summer driving season.”

Trends

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

• May 24, 2020: $1.79/g (U.S. Average: $1.95/g)
• May 24, 2019: $2.58/g (U.S. Average: $2.84/g)
• May 24, 2018: $2.76/g (U.S. Average: $2.97/g)
• May 24, 2017: $2.16/g (U.S. Average: $2.37/g)
• May 24, 2016: $2.12/g (U.S. Average: $2.29/g)
• May 24, 2015: $2.51/g (U.S. Average: $2.75/g)
• May 24, 2014: $3.48/g (U.S. Average: $3.66/g)
• May 24, 2013: $3.39/g (U.S. Average: $3.65/g)
• May 24, 2012: $3.49/g (U.S. Average: $3.68/g)
• May 24, 2011: $3.76/g (U.S. Average: $3.82/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.88/g, unchanged  from last week’s $2.88/g.
• Richmond- $2.94/g, down 1.2 cents per gallon from last week’s $2.95/g.
• West Virginia- $2.98/g, down 0.3 cents per gallon from last week’s $2.98/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.