Virginia gas prices holding surprisingly steady

Virginia gas prices have fallen 0.4 cents per gallon in the past week, averaging $2.72/gallon today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 2.3 cents per gallon lower than a month ago and stand 93.8 cents per gallon higher than a year ago.

The national average price of gasoline has fallen 2.1 cents per gallon in the last week, averaging $2.85/g today. The national average is down 0.5 cents per gallon from a month ago and stands $1.02/g higher than a year ago.

Analysis

“It has been a fairly tame last few weeks at the pump for most areas after a particularly active February and March when prices were screaming higher,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“After surging back then, we’ve seen the price increases fade, and while we haven’t seen much of a decline, prices have been holding near their yearly highs. For now, it feels like the risk of seeing the national average climb to $3/gal has been delayed by a recent surge in COVID-19 cases both here and abroad, limiting the upside to gasoline demand, but should things begin to improve, especially as we get closer to the start of the summer, we still have potential to see summer gas prices at their highest levels in years.

“Make no mistake, gas prices this year will be tied to the hip of the COVID situation.”

Trends

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

• April 12, 2020: $1.78/g (U.S. Average: $1.83/g)April 12, 2019: $2.58/g (U.S. Average: $2.83/g)
• April 12, 2018: $2.51/g (U.S. Average: $2.70/g)
• April 12, 2017: $2.22/g (U.S. Average: $2.41/g)
• April 12, 2016: $1.89/g (U.S. Average: $2.06/g)
• April 12, 2015: $2.20/g (U.S. Average: $2.39/g)
• April 12, 2014: $3.46/g (U.S. Average: $3.63/g)
• April 12, 2013: $3.47/g (U.S. Average: $3.55/g)
• April 12, 2012: $3.91/g (U.S. Average: $3.90/g)
• April 12, 2011: $3.71/g (U.S. Average: $3.79/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.62/g, down 1.7 cents per gallon from last week’s $2.64/g.
• Richmond- $2.70/g, down 0.6 cents per gallon from last week’s $2.71/g.
• West Virginia- $2.70/g, down 3.3 cents per gallon from last week’s $2.74/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.