Virginia gas prices continue to skyrocket: Is the end in sight?

Virginia gas prices have risen 6.6 cents per gallon in the past week, averaging $3.28/gallon today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 27.4 cents per gallon higher than a month ago and stand $1.19/gallon higher than a year ago.

The national average price of gasoline has risen 3.8 cents per gallon in the last week, averaging $3.36/g today. The national average is up 17.1 cents per gallon from a month ago and stands $1.21/g higher than a year ago.

Analysis

“Gas prices continued to soar in a majority of the nation over the last week as oil’s meteoric rise pulls gasoline and other refined product prices higher. But, there may be some light at the end of the tunnel,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“The sharp rise we’ve seen over the last three weeks should begin slowing down soon, barring another jump in the price of oil. This is because gasoline prices have now largely caught up to the jump in oil that started nearly a month ago. This isn’t an all clear for the future, however, as oil prices could rise again at any time.

“But for now, oil has held around $83 per barrel, and without a further climb, gas price increases should slow down soon in the bulk of the nation.”

Trends

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

• October 25, 2020: $2.09/g (U.S. Average: $2.14/g)
• October 25, 2019: $2.33/g (U.S. Average: $2.61/g)
• October 25, 2018: $2.63/g (U.S. Average: $2.83/g)
• October 25, 2017: $2.27/g (U.S. Average: $2.45/g)
• October 25, 2016: $2.09/g (U.S. Average: $2.22/g)
• October 25, 2015: $1.99/g (U.S. Average: $2.20/g)
• October 25, 2014: $2.84/g (U.S. Average: $3.05/g)
• October 25, 2013: $3.15/g (U.S. Average: $3.30/g)
• October 25, 2012: $3.45/g (U.S. Average: $3.59/g)
• October 25, 2011: $3.33/g (U.S. Average: $3.44/g)

Neighboring areas and their current gas prices:

• Roanoke- $3.23/g, up 7.9 cents per gallon from last week’s $3.15/g.
• Richmond- $3.27/g, up 8.8 cents per gallon from last week’s $3.18/g.
• West Virginia- $3.25/g, up 2.0 cents per gallon from last week’s $3.23/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.