Virginia gas prices up slightly despite decline in demand

Virginia gas prices have risen 0.9 cents per gallon in the past week, averaging $2.08/gallon today, according to GasBuddy’s daily survey of 4,081 stations.

Gas prices in Virginia are 3.8 cents per gallon higher than a month ago and stand 26.1 cents per gallon lower than a year ago.

The national average price of gasoline has risen 3.5 cents per gallon in the last week, averaging $2.16/g today. The national average is up 5.7 cents per gallon from a month ago and stands 42.6 cents per gallon lower than a year ago.

Analysis

“With oil’s rally to a new COVID-19 high-water mark, gas prices have begun to follow, even as gasoline demand crumbles to some of the lowest levels in months,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“Optimism continues to propel oil markets higher, led by positive news on a COVID-19 vaccine, but should anything change timing wise, we could a reversal, but for now it remains full steam ahead with markets focused on the promise of oil and gasoline demand rising, or the best potential outcome of the situation.

“Should the hype be overblown, a correction could happen in the weeks or months ahead. For now, motorists may see more volatility in oil markets then we’ve seen in months.”

Trends

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

• December 7, 2019: $2.34/g (U.S. Average: $2.58/g)
• December 7, 2018: $2.27/g (U.S. Average: $2.42/g)
• December 7, 2017: $2.29/g (U.S. Average: $2.47/g)
• December 7, 2016: $2.10/g (U.S. Average: $2.19/g)
• December 7, 2015: $1.87/g (U.S. Average: $2.03/g)
• December 7, 2014: $2.53/g (U.S. Average: $2.66/g)
• December 7, 2013: $3.20/g (U.S. Average: $3.26/g)
• December 7, 2012: $3.21/g (U.S. Average: $3.36/g)
• December 7, 2011: $3.18/g (U.S. Average: $3.28/g)
• December 7, 2010: $2.86/g (U.S. Average: $2.94/g)

Neighboring areas and their current gas prices:

• Roanoke- $1.97/g, up 2.5 cents per gallon from last week’s $1.95/g.
• Richmond- $2.13/g, up 1.2 cents per gallon from last week’s $2.12/g.
• West Virginia- $2.11/g, down 0.9 cents per gallon from last week’s $2.12/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.