Gas prices up sharply: Impact of Hurricane Laura

Virginia gas prices have risen 6.9 cents per gallon in the past week, averaging $2.13/gallon today, according to GasBuddy’s daily survey of 4,081 stations.

Gas prices in Virginia are 13.6 cents per gallon higher than a month ago and stand 20.1 cents per gallon lower than a year ago.

The national average price of gasoline has risen 3.5 cents per gallon in the last week, averaging $2.22/gallon today.

The reason for the push is almost entirely weather-related.

“Gas prices have reached their highest post-coronavirus level as Hurricane Laura caused Gulf Coast refineries to shut, limiting production as gasoline demand edged higher,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “The rebound in demand comes with just a week left in the summer driving season and isn’t expected to continue once the driving season wraps up, but while some may see prices tick higher over the next few days, more decreases are coming to gas prices once Labor Day is over as demand will likely move lower. In addition, the switch back to cheaper winter gasoline will happen in a few weeks, giving more potential downward momentum for prices.”

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

• August 31, 2019: $2.33/g (U.S. Average: $2.57/g)
• August 31, 2018: $2.61/g (U.S. Average: $2.83/g)
• August 31, 2017: $2.34/g (U.S. Average: $2.51/g)
• August 31, 2016: $2.03/g (U.S. Average: $2.22/g)
• August 31, 2015: $2.21/g (U.S. Average: $2.47/g)
• August 31, 2014: $3.19/g (U.S. Average: $3.43/g)
• August 31, 2013: $3.38/g (U.S. Average: $3.58/g)
• August 31, 2012: $3.68/g (U.S. Average: $3.83/g)
• August 31, 2011: $3.46/g (U.S. Average: $3.61/g)
• August 31, 2010: $2.50/g (U.S. Average: $2.65/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.08/g, up 7.7 cents per gallon from last week’s $2.00/g.
• Richmond- $2.14/g, up 7.9 cents per gallon from last week’s $2.06/g.
• West Virginia- $2.26/g, up 11.9 cents per gallon from last week’s $2.14/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.