Gas prices up 55.6 cents in the past week: And no good news on the horizon

Gas prices in Virginia have risen 55.6 cents per gallon in the last week, averaging $3.99 per gallon today, according to GasBuddy’s survey of 4,081 stations in Virginia.

Prices in Virginia are 70.5 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 risen 46.5 cents per gallon in the last week, averaging $4.06 per gallon today. The national average is up 61.1 cents per gallon from a month ago and stands $1.29 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

“There are few words to describe the unprecedented rise in gasoline prices over the last week, with massive spikes coast to coast in both gasoline and diesel prices, as oil prices jump to their highest since 2008. Forget the $4 per gallon mark, the nation will soon set new all-time record highs and we could push closer to a national average of $4.50/gal. California could be heading for $5.50 per gallon with more stations charging $6 and beyond,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “We’ve never been in this situation before, with this level of uncertainty. As we lose a major global producer under the weight of deserving bipartisan sanctions for invading a sovereign country, the cost is high. Americans will be feeling the pain of the rise in prices for quite some time, with little good news foreseen.”

Trends

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

• March 7, 2021: $2.66/g (U.S. Average: $2.77/g)
• March 7, 2020: $2.20/g (U.S. Average: $2.37/g)
• March 7, 2019: $2.27/g (U.S. Average: $2.46/g)
• March 7, 2018: $2.35/g (U.S. Average: $2.53/g)
• March 7, 2017: $2.10/g (U.S. Average: $2.30/g)
• March 7, 2016: $1.59/g (U.S. Average: $1.81/g)
• March 7, 2015: $2.29/g (U.S. Average: $2.46/g)
• March 7, 2014: $3.26/g (U.S. Average: $3.49/g)
• March 7, 2013: $3.62/g (U.S. Average: $3.72/g)
• March 7, 2012: $3.64/g (U.S. Average: $3.76/g)

Neighboring areas and their current gas prices:

• Roanoke- $3.90/g, up 54.1 cents per gallon from last week’s $3.36/g.
• Richmond- $3.99/g, up 59.3 cents per gallon from last week’s $3.40/g.
• West Virginia- $3.91/g, up 57.1 cents per gallon from last week’s $3.33/g.

GasBuddy data is accessible at prices.GasBuddy.com.