GasBuddy weekly Virginia gas price update, outlook

Virginia gas prices have fallen 1 cent per gallon in the past week, averaging $2.65/g today, according to the GasBuddy daily survey of 4,081 stations. Gas prices in Virginia are 13.0 cents per gallon higher than a month ago, yet stand 1.6 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in Virginia is priced at $2.29/g today while the most expensive is $3.29/g, a difference of 100.0 cents per gallon. The lowest price in the state today is $2.29/g while the highest is $3.29/g, a difference of 100.0 cents per gallon. The cheapest price in the entire country today stands at $2.15/g while the most expensive is $5.58/g, a difference of $3.43/g.

The national average price of gasoline has risen 1.3 cents per gallon in the last week, averaging $2.89/g today. The national average is up 14.3 cents per gallon from a month ago, yet stands 9.1 cents per gallon higher than a year ago.

Historical gasoline prices in Virginia and the national average going back a decade:

• May 6, 2018: $2.63/g (U.S. Average: $2.80/g)
• May 6, 2017: $2.17/g (U.S. Average: $2.34/g)
• May 6, 2016: $2.08/g (U.S. Average: $2.22/g)
• May 6, 2015: $2.42/g (U.S. Average: $2.64/g)
• May 6, 2014: $3.50/g (U.S. Average: $3.67/g)
• May 6, 2013: $3.35/g (U.S. Average: $3.52/g)
• May 6, 2012: $3.67/g (U.S. Average: $3.78/g)
• May 6, 2011: $3.89/g (U.S. Average: $3.98/g)
• May 6, 2010: $2.83/g (U.S. Average: $2.92/g)
• May 6, 2009: $1.98/g (U.S. Average: $2.11/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.59/g, unchanged  from last week’s $2.59/g.
• Richmond- $2.63/g, down 0.4 cents per gallon from last week’s $2.63/g.
• West Virginia- $2.81/g, down 2.1 cents per gallon from last week’s $2.83/g.

“It appears that large increases in gas prices have begun to fade to distant memory, lending credibility to the notion that gas prices may be close to peaking for the time being. Oil prices have plummeted, and with President Trump’s shocking warning Sunday about raising tariffs on China, oil prices may see another weekly loss along with wholesale gasoline prices on the worry that perhaps a trade deal is not as close as anticipated, risking the recent growth in the U.S. economy and potentially leading to lower oil demand,” said Patrick DeHaan, head of petroleum analysis at GasBuddy. “For now, I believe we’re close to seeing gas prices peak in the next few weeks or so in most of the U.S., and barring any future unexpected outages, I think most the country has seen the risk of big price increases melt away. We’re in the last inning or so of the seasonally rally- once this game is over- we’ll likely begin to see prices recede in the month of June, tracking very closely to what we experienced last summer.”

For live fuel price averages, visit http://FuelInsights.GasBuddy.com.