Slight downtick in gas prices this week: Post-Labor Day declines expected

Virginia gas prices have fallen 0.8 cents per gallon in the past week, averaging $2.12/gallon today, according to GasBuddy’s daily survey of 4,081 stations.

Gas prices in Virginia are 13.6 cents per gallon higher than a month ago and stand 19.2 cents per gallon lower than a year ago.

The national average price of gasoline has fallen 2.8 cents per gallon in the last week, averaging $2.21/g today. The national average is up 3.7 cents per gallon from a month ago and stands 34.2 cents per gallon lower than a year ago.

Analysis

“Gas prices have started to fall as expected as oil prices have fallen slightly since Hurricane Laura moved on and as seasonal challenges come to into view,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “We’ll likely see additional downward movement in the weeks ahead with gasoline demand set to decline as we move into the fall months and as COVID-19 restrictions keep demand from rallying. It’s entirely possible we could see the national average fall under $2 per gallon by the end of the year without a major improvement in the situation.”

Trends

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

• September 8, 2019: $2.31/g (U.S. Average: $2.55/g)
• September 8, 2018: $2.62/g (U.S. Average: $2.85/g)
• September 8, 2017: $2.56/g (U.S. Average: $2.67/g)
• September 8, 2016: $1.99/g (U.S. Average: $2.18/g)
• September 8, 2015: $2.13/g (U.S. Average: $2.39/g)
• September 8, 2014: $3.18/g (U.S. Average: $3.43/g)
• September 8, 2013: $3.35/g (U.S. Average: $3.56/g)
• September 8, 2012: $3.68/g (U.S. Average: $3.82/g)
• September 8, 2011: $3.49/g (U.S. Average: $3.65/g)
• September 8, 2010: $2.49/g (U.S. Average: $2.66/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.08/g, up 0.6 cents per gallon from last week’s $2.07/g.
• Richmond- $2.13/g, down 0.5 cents per gallon from last week’s $2.14/g.
• West Virginia- $2.22/g, down 3.0 cents per gallon from last week’s $2.25/g.

More info

GasBuddy data is accessible at FuelInsights.GasBuddy.com.