Gas prices trending back down toward $4 per gallon in Virginia

Gas prices in Virginia have fallen 6.8 cents per gallon in the last week, averaging $4.06 per gallon today, according to GasBuddy’s survey of 4,081 stations in Virginia.

Prices in Virginia are 26.7 cents per gallon higher than a month ago and stand $1.33 per gallon higher than a year ago.

The national average price of gasoline has fallen 5.4 cents per gallon in the last week, averaging $4.17 per gallon today. The national average is up 25.5 cents per gallon from a month ago and stands $1.31 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 fell last week as Covid cases in China surged, prompting restrictions on movements and hurting oil demand. Meanwhile, President Biden’s announcement that the U.S. would be releasing 180 million barrels from the Strategic Petroleum Reserve caused an even further decline in oil, leading gas prices in nearly all areas of the country to fall over the last week,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “So long as oil prices remain under $100 per barrel and there’s no escalations in Russia’s war on Ukraine, we may be poised to see gas prices decline again this week as the U.S. and other countries try to raise oil supply to tip prices lower.”

Trends

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

• April 4, 2021: $2.73/g (U.S. Average: $2.86/g)
• April 4, 2020: $1.82/g (U.S. Average: $1.90/g)
• April 4, 2019: $2.50/g (U.S. Average: $2.73/g)
• April 4, 2018: $2.48/g (U.S. Average: $2.66/g)
• April 4, 2017: $2.16/g (U.S. Average: $2.35/g)
• April 4, 2016: $1.90/g (U.S. Average: $2.06/g)
• April 4, 2015: $2.19/g (U.S. Average: $2.39/g)
• April 4, 2014: $3.42/g (U.S. Average: $3.57/g)
• April 4, 2013: $3.54/g (U.S. Average: $3.63/g)
• April 4, 2012: $3.92/g (U.S. Average: $3.93/g)

Neighboring areas and their current gas prices:

• Roanoke- $3.99/g, down 4.8 cents per gallon from last week’s $4.04/g.
• Richmond- $4.03/g, down 5.7 cents per gallon from last week’s $4.09/g.
• West Virginia- $4.04/g, down 2.6 cents per gallon from last week’s $4.06/g.

GasBuddy data is accessible at prices.GasBuddy.com.