Virginia gas prices holding steady: Increases looming?

Virginia gas prices are unchanged  in the past week, averaging $2.31/g today, according to GasBuddy’s daily survey of 4,081 stations. Gas prices in Virginia are 9.4 cents per gallon lower than a month ago, yet stand 32.3 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Virginia is priced at $1.98/g today while the most expensive is $3.19/g, a difference of $1.21/g. The lowest price in the state today is $1.98/g while the highest is $3.19/g, a difference of $1.21/g. The cheapest price in the entire country today stands at $1.80/g while the most expensive is $4.99/g, a difference of $3.19/g.

The national average price of gasoline has fallen 0.4 cents per gallon in the last week, averaging $2.55/g today. The national average is down 6.5 cents per gallon from a month ago, yet stands 28.9 cents per gallon lower than a year ago.

Historical gasoline prices in Virginia and the national average going back a decade:

• September 16, 2018: $2.63/g (U.S. Average: $2.84/g)
• September 16, 2017: $2.52/g (U.S. Average: $2.61/g)
• September 16, 2016: $2.00/g (U.S. Average: $2.19/g)
• September 16, 2015: $2.05/g (U.S. Average: $2.30/g)
• September 16, 2014: $3.14/g (U.S. Average: $3.37/g)
• September 16, 2013: $3.29/g (U.S. Average: $3.50/g)
• September 16, 2012: $3.72/g (U.S. Average: $3.86/g)
• September 16, 2011: $3.45/g (U.S. Average: $3.60/g)
• September 16, 2010: $2.56/g (U.S. Average: $2.73/g)
• September 16, 2009: $2.37/g (U.S. Average: $2.53/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.29/g, up 0.8 cents per gallon from last week’s $2.28/g.
• Richmond- $2.19/g, down 1.8 cents per gallon from last week’s $2.21/g.
• West Virginia- $2.51/g, down 2.5 cents per gallon from last week’s $2.53/g.

“While gas prices have drifted lower for the ninth straight week, all eyes now turn to Saudi Arabia after an attack that knocked out over 5% of global oil production and how oil prices are likely to jump as a result,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “While there is some good news that motorists should not expect a sudden and major uptick in gas prices, there may be a minor impact beginning mid-week and continuing until Saudi Arabia’s state-owned oil company, Aramco, is able to restore all production. However, even after oil production levels return to normal, there is an undeniable factor that will now forever impact oil prices- and that is that Saudi Arabia’s reliability and stability is no longer guaranteed, and this missile strike is evidence that perhaps one of the world’s most stable oil producers may no longer be seen as stable as they were prior to this event. Motorists should stay tuned to GasBuddy for any further developments, but for now, we are not expecting this attack to lead to major price hikes. While the situation may change with Saudi Arabia, motorists are now able to fill up with cheaper winter gasoline and demand continues to seasonally weaken, perhaps softening the blow and impact of the attacks on gas prices.”

GasBuddy is the authoritative voice for gas prices and the only source for station-level data spanning nearly two decades. Unlike AAA’s once daily survey covering credit card transactions at 100,000 stations and the Lundberg Survey, updated once every two weeks based on 7,000 gas stations, GasBuddy’s survey updates 288 times every day from the most diverse list of sources covering nearly 150,000 stations nationwide, the most comprehensive and up-to-date in the country. GasBuddy data is accessible at FuelInsights.GasBuddy.com.