Virginia gas prices continue to rise: Trend running out of steam?

Virginia gas prices have risen 1.2 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 26.4 cents per gallon higher than a month ago and stand $1.23/gallon higher than a year ago.

The national average price of gasoline has risen 0.6 cents per gallon in the last week, averaging $3.38/gallon today. The national average is up 19.5 cents per gallon from a month ago and stands $1.26/gallon higher than a year ago.

Analysis

“The jump in gas prices that started nearly a month ago is finally running out of steam for the time being, as oil prices have stabilized. Yet, some areas of California are still at or near all-time record highs for prices,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“While California’s high prices will not become a nationwide norm, prices there will likely remain elevated due to refinery issues amidst the surge of rain and other refinery kinks. For most motorists, gas prices are likely to greatly slow their recent ascent, and we could even see some small declines in the week ahead. OPEC is planning to meet next week, and while it doesn’t seem likely there will be any boost in oil output, its meeting and comments could easily drive the market up or down. The odds remain high that gas prices will remain near today’s elevated levels going into the holidays, barring additional OPEC supply.”

Trends

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

• November 1, 2020: $2.07/g (U.S. Average: $2.12/g)
• November 1, 2019: $2.33/g (U.S. Average: $2.61/g)
• November 1, 2018: $2.57/g (U.S. Average: $2.76/g)
• November 1, 2017: $2.28/g (U.S. Average: $2.50/g)
• November 1, 2016: $2.06/g (U.S. Average: $2.20/g)
• November 1, 2015: $1.96/g (U.S. Average: $2.18/g)
• November 1, 2014: $2.77/g (U.S. Average: $2.98/g)
• November 1, 2013: $3.11/g (U.S. Average: $3.26/g)
• November 1, 2012: $3.37/g (U.S. Average: $3.50/g)
• November 1, 2011: $3.31/g (U.S. Average: $3.43/g)

Neighboring areas and their current gas prices:

• Roanoke- $3.26/g, up 1.5 cents per gallon from last week’s $3.24/g.
• Richmond- $3.27/g, unchanged  from last week’s $3.27/g.
• West Virginia- $3.33/g, up 7.7 cents per gallon from last week’s $3.25/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.