Slight uptick in Virginia gas prices over past week

Virginia gas prices have risen 0.8 cents per gallon in the past week, averaging $2.09/gallon today, according to GasBuddy’s daily survey of 4,081 stations.

Gas prices in Virginia are 5.5 cents per gallon higher than a month ago and stand 25.4 cents per gallon lower than a year ago.

The national average price of gasoline has risen 4.8 cents per gallon in the last week, averaging $2.21/g today. The national average is up 9.8 cents per gallon from a month ago and stands 34.5 cents per gallon lower than a year ago.

Analysis

“The sudden spike in gas prices last week was brought on by a continued rise in the price of oil, which jumped last week to nearly $50 per barrel, the highest we’ve seen since March, when prices collapsed due to COVID-19. While last week’s gas price surge isn’t likely to repeat this week, it could be a sign of things to come in the year ahead,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “A weakening U.S. dollar and vaccine optimism continued to push oil higher last week, along with stock markets. While some are wrongly pointing to the coming shift in the White House as driving up prices, I can assure motorists that what we’re seeing has nothing to do with such a change and everything to do with market optimism that demand will rise, and the weaker dollar which makes oil cheaper to anyone holding non-dollar currencies, putting upward pressure on demand.”

Trends

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

• December 21, 2019: $2.35/g (U.S. Average: $2.55/g)
• December 21, 2018: $2.18/g (U.S. Average: $2.34/g)
• December 21, 2017: $2.25/g (U.S. Average: $2.44/g)
• December 21, 2016: $2.14/g (U.S. Average: $2.26/g)
• December 21, 2015: $1.83/g (U.S. Average: $1.99/g)
• December 21, 2014: $2.30/g (U.S. Average: $2.39/g)
• December 21, 2013: $3.15/g (U.S. Average: $3.23/g)
• December 21, 2012: $3.11/g (U.S. Average: $3.23/g)
• December 21, 2011: $3.13/g (U.S. Average: $3.20/g)
• December 21, 2010: $2.90/g (U.S. Average: $2.97/g)

Neighboring areas and their current gas prices:

• Roanoke- $1.98/g, up 0.7 cents per gallon from last week’s $1.98/g.
• Richmond- $2.13/g, up 0.5 cents per gallon from last week’s $2.12/g.
• West Virginia- $2.07/g, unchanged  from last week’s $2.07/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.