Gas prices unchanged over past week: Where are they headed in the near-term?

Average gasoline prices in Virginia are unchanged  in the last week, averaging $4.23 per gallon today, according to GasBuddy’s survey of 4,081 stations in Virginia.

Prices in Virginia are 86.9 cents per gallon higher than a month ago and stand $1.48 per gallon higher than a year ago.

The national average price of gasoline is unchanged  in the last week, averaging $4.32 per gallon today. The national average is up 83.6 cents per gallon from a month ago and stands $1.47 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

“After a furious increase in the national average over the last two weeks, the top appears to be in with average gas prices slowly starting to decline over the last few days,” said Patrick De Haan, head of petroleum analysts at GasBuddy. “While the decrease could be short-lived, it is nonetheless a well-needed break from the large surge in gas prices we’ve experienced over the last few weeks. The situation remains fluid, and escalations remain very possible, if not likely. For now, a $4.50 per gallon national average is off the table, but it certainly could be a future possibility as long as there is conflict between Russia and Ukraine.”

Trends

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

• March 14, 2021: $2.75/g (U.S. Average: $2.86/g)
• March 14, 2020: $2.11/g (U.S. Average: $2.23/g)
• March 14, 2019: $2.35/g (U.S. Average: $2.53/g)
• March 14, 2018: $2.35/g (U.S. Average: $2.52/g)
• March 14, 2017: $2.08/g (U.S. Average: $2.28/g)
• March 14, 2016: $1.77/g (U.S. Average: $1.94/g)
• March 14, 2015: $2.27/g (U.S. Average: $2.43/g)
• March 14, 2014: $3.27/g (U.S. Average: $3.52/g)
• March 14, 2013: $3.60/g (U.S. Average: $3.70/g)
• March 14, 2012: $3.72/g (U.S. Average: $3.82/g)

Neighboring areas and their current gas prices:

• Roanoke- $4.20/g, unchanged  from last week’s $4.20/g.
• Richmond- $4.20/g, unchanged  from last week’s $4.20/g.
• West Virginia- $4.10/g, unchanged  from last week’s $4.10/g.

GasBuddy data is accessible at prices.GasBuddy.com.