Virginia gas prices continue creeping up as economy pushes forward

Virginia gas prices have risen 2.1 cents per gallon in the past week, averaging $2.34/gallon today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 14.6 cents per gallon higher than a month ago and stand 8.4 cents per gallon higher than a year ago.

The national average price of gasoline has risen 3.7 cents per gallon in the last week, averaging $2.45/g today. The national average is up 13.2 cents per gallon from a month ago and stands 1.6 cents per gallon higher than a year ago.

Analysis

“Many factors continue to push oil prices higher, but at the foundation of the rise is the fact that the coronavirus situation continues to improve, pushing global oil demand higher as production continues to lag, pushing U.S. gas prices higher,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “Until OPEC intercedes and raises oil production in the months ahead, motorists should continue to expect rising gas prices, which for the first time some time stand at their highest in over a year, adding misery to the dire economic situation as millions remain jobless. The news won’t likely improve in the months ahead, with continued increases in gas prices as OPEC maintains a tight balance between reduced demand and supply, keeping prices on the higher side.”

Trends

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

• February 8, 2020: $2.25/g (U.S. Average: $2.43/g)
• February 8, 2019: $2.09/g (U.S. Average: $2.29/g)
• February 8, 2018: $2.43/g (U.S. Average: $2.59/g)
• February 8, 2017: $2.11/g (U.S. Average: $2.26/g)
• February 8, 2016: $1.62/g (U.S. Average: $1.73/g)
• February 8, 2015: $2.08/g (U.S. Average: $2.17/g)
• February 8, 2014: $3.13/g (U.S. Average: $3.26/g)
• February 8, 2013: $3.45/g (U.S. Average: $3.57/g)
• February 8, 2012: $3.46/g (U.S. Average: $3.48/g)
• February 8, 2011: $3.00/g (U.S. Average: $3.11/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.26/g, up 3.1 cents per gallon from last week’s $2.23/g.
• Richmond- $2.36/g, up 0.3 cents per gallon from last week’s $2.36/g.
• West Virginia- $2.45/g, up 11.6 cents per gallon from last week’s $2.34/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.