Slight decrease in Virginia gas prices: Where are things headed in near-term?

Virginia gas prices have fallen 0.8 cents per gallon in the past week, averaging $3.29/gallon today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 9.9 cents per gallon higher than a month ago and stand $1.25/gallon higher than a year ago.

The national average price of gasoline has fallen 2.6 cents per gallon in the last week, averaging $3.40/gallon today. The national average is up 9.5 cents per gallon from a month ago and stands $1.28/gallon higher than a year ago.

Analysis

“As of Sunday evening, the national average price of gasoline posted its first weekly decline in months. As the price of oil continues to struggle, Covid cases flare up and anxiety over demand starts rising, motorists are likely to see the declines continuing into this week,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“While it’s not known how long market conditions will continue to push gas prices down, it appears that the fall should last through Thanksgiving, just in time for millions of Americans to prepare to hit the road for the holiday. However, the damage may already be done. According to GasBuddy’s Thanksgiving Travel Survey, being released tomorrow, a significant portion of Americans say the high gas prices already led them to re-think their plans.”

Trends

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

• November 15, 2020: $2.04/g (U.S. Average: $2.12/g)
• November 15, 2019: $2.34/g (U.S. Average: $2.61/g)
• November 15, 2018: $2.46/g (U.S. Average: $2.65/g)
• November 15, 2017: $2.33/g (U.S. Average: $2.57/g)
• November 15, 2016: $2.01/g (U.S. Average: $2.14/g)
• November 15, 2015: $1.98/g (U.S. Average: $2.16/g)
• November 15, 2014: $2.71/g (U.S. Average: $2.89/g)
• November 15, 2013: $3.06/g (U.S. Average: $3.19/g)
• November 15, 2012: $3.25/g (U.S. Average: $3.43/g)
• November 15, 2011: $3.29/g (U.S. Average: $3.41/g)

Neighboring areas and their current gas prices:

• Roanoke- $3.24/g, down 0.3 cents per gallon from last week’s $3.24/g.
• Richmond- $3.25/g, down 2.2 cents per gallon from last week’s $3.27/g.
• West Virginia- $3.31/g, down 1.2 cents per gallon from last week’s $3.33/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.