Gas prices up sharply in Virginia: Largely function of refinery shutdowns in Texas

Virginia gas prices have risen 12.7 cents per gallon in the past week, averaging $2.53/gallon today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 22.2 cents per gallon higher than a month ago and stand 25.8 cents per gallon higher than a year ago.

The national average price of gasoline has risen 10.4 cents per gallon in the last week, averaging $2.63/g today. The national average is up 24.2 cents per gallon from a month ago and stands 15.1 cents per gallon higher than a year ago.

Analysis

“With last week’s extreme cold shutting down millions of barrels per day in refinery capacity, gas prices have seen their largest weekly climb in quite some time,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “The jump in price was the result of a dozen or so refineries, primarily in Texas, that were forced to shut down as the frigid temperatures threatened to wreak havoc on their exposed equipment.

“With the cold weather behind us, price increases show begin to slow later this week or next week, and so long as these refineries get back online in short order, we may see gas prices start to move back down in the next couple of weeks. However, as we near spring weather, we’ll likely see another longer term rise in prices begin as refineries start to transition to summer gasoline, so motorists shouldn’t jump for joy just yet.”

Trends

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

• February 22, 2020: $2.27/g (U.S. Average: $2.48/g)
• February 22, 2019: $2.19/g (U.S. Average: $2.40/g)
• February 22, 2018: $2.37/g (U.S. Average: $2.52/g)
• February 22, 2017: $2.10/g (U.S. Average: $2.28/g)
• February 22, 2016: $1.55/g (U.S. Average: $1.71/g)
• February 22, 2015: $2.18/g (U.S. Average: $2.29/g)
• February 22, 2014: $3.22/g (U.S. Average: $3.39/g)
• February 22, 2013: $3.70/g (U.S. Average: $3.78/g)
• February 22, 2012: $3.55/g (U.S. Average: $3.58/g)
• February 22, 2011: $3.06/g (U.S. Average: $3.16/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.46/g, up 14.4 cents per gallon from last week’s $2.31/g.
• Richmond- $2.56/g, up 11.8 cents per gallon from last week’s $2.44/g.
• West Virginia- $2.63/g, up 10.9 cents per gallon from last week’s $2.52/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.