Gas prices up slightly in Virginia, down nationally

Virginia gas prices have risen 0.6 cents per gallon in the past week, averaging $2.98/gallon today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 5.0 cents per gallon higher than a month ago and stand 97.7 cents per gallon higher than a year ago.

The national average price of gasoline has fallen 2.9 cents per gallon in the last week, averaging $3.14/gallon today. The national average is up 4.7 cents per gallon from a month ago and stands 97.2 cents per gallon higher than a year ago.

Analysis

“With oil prices struggling under the weight of a rise in new Covid cases thanks to the Delta variant and OPEC’s increase in oil production, average gas prices in most states finally drifted lower,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “However, we aren’t yet in the clear – U.S. gasoline demand last week surged to a new 2021 high, besting the week prior to the July 4 holiday. This shows that motorists aren’t slowing their appetite for hitting the road just yet, and that could further boost prices should demand remain hot. For now, motorists should enjoy the perhaps brief respite at the pump and buckle up for what might be a bumpy finish to summer.”

Trends

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

• July 26, 2020: $2.00/g (U.S. Average: $2.17/g)
• July 26, 2019: $2.51/g (U.S. Average: $2.74/g)
• July 26, 2018: $2.61/g (U.S. Average: $2.85/g)
• July 26, 2017: $2.09/g (U.S. Average: $2.28/g)
• July 26, 2016: $1.95/g (U.S. Average: $2.14/g)
• July 26, 2015: $2.51/g (U.S. Average: $2.73/g)
• July 26, 2014: $3.35/g (U.S. Average: $3.53/g)
• July 26, 2013: $3.49/g (U.S. Average: $3.64/g)
• July 26, 2012: $3.35/g (U.S. Average: $3.49/g)
• July 26, 2011: $3.62/g (U.S. Average: $3.69/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.89/g, unchanged  from last week’s $2.90/g.
• Richmond- $2.96/g, down 1 cent per gallon from last week’s $2.97/g.
• West Virginia- $3.02/g, down 0.7 cents per gallon from last week’s $3.03/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.