Gas prices up sharply in Virginia, across U.S.: More due to market forces than demand

Virginia gas prices have risen 8.0 cents per gallon in the past week, averaging $2.20/gallon today, according to GasBuddy’s daily survey of 4,081 stations.

Gas prices in Virginia are 12.9 cents per gallon higher than a month ago and stand 21.5 cents per gallon lower than a year ago.

The national average price of gasoline has risen 4.9 cents per gallon in the last week, averaging $2.31/g today. The national average is up 14.5 cents per gallon from a month ago and stands 27.4 cents per gallon lower than a year ago.

Analysis

“With oil’s meteoric rally continuing, motorists continue to face gas prices that continue to advance. With a barrel of crude oil now at its highest level in nearly a year, there’s nowhere for gas prices to go but up,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “In a normal year, this is the time we tend to see gas prices struggle, and according to Pay with GasBuddy data, gasoline demand is indeed seeing seasonal struggles, but that has not tempered the appetite of the market as many remain bullish over the continued rollout of a COVID-19 vaccine. How long we may be on this road relies on continued reduction in new COVID cases, but we may for the coming weeks seeing gas prices continuing their climb.”

Trends

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

• January 11, 2020: $2.42/g (U.S. Average: $2.59/g)
• January 11, 2019: $2.06/g (U.S. Average: $2.25/g)
• January 11, 2018: $2.34/g (U.S. Average: $2.52/g)
• January 11, 2017: $2.23/g (U.S. Average: $2.35/g)
• January 11, 2016: $1.77/g (U.S. Average: $1.96/g)
• January 11, 2015: $2.05/g (U.S. Average: $2.12/g)
• January 11, 2014: $3.21/g (U.S. Average: $3.31/g)
• January 11, 2013: $3.28/g (U.S. Average: $3.31/g)
• January 11, 2012: $3.28/g (U.S. Average: $3.37/g)
• January 11, 2011: $2.99/g (U.S. Average: $3.08/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.12/g, up 8.9 cents per gallon from last week’s $2.03/g.
• Richmond- $2.23/g, up 8.9 cents per gallon from last week’s $2.14/g.
• West Virginia- $2.28/g, up 17.7 cents per gallon from last week’s $2.10/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.