Virginia gas prices up slightly over past week

Virginia gas prices have risen 1.7 cents per gallon in the past week, averaging $2.98/gallon today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 4.6 cents per gallon higher than a month ago and stand 96.1 cents per gallon higher than a year ago.

The national average price of gasoline has risen 1.3 cents per gallon in the last week, averaging $3.16/gallon today. The national average is up 10.2 cents per gallon from a month ago and stands 98.0 cents per gallon higher than a year ago.

Analysis

“Gas prices across the country have been a bit sideways in the last week with a mixed bag of decreases and increases, but overall, the national average hasn’t seen much meaningful direction as oil prices remain under their early-July levels thus far thanks to OPEC coming to an agreement on production over the weekend,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“OPEC’s plan is to raise oil production by 400,000 bpd each month until 2022, at which time OPEC’s oil production will be back at pre-Covid levels. It’s a positive development in light of U.S. gasoline demand which last week rose nearly 2%, which should act as a loose ceiling on the price of oil, and could mean we’re even closer to seeing a peak in the national average if we haven’t already.”

Trends

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

• July 19, 2020: $2.02/g (U.S. Average: $2.18/g)
• July 19, 2019: $2.55/g (U.S. Average: $2.77/g)
• July 19, 2018: $2.62/g (U.S. Average: $2.85/g)
• July 19, 2017: $2.06/g (U.S. Average: $2.27/g)
• July 19, 2016: $1.99/g (U.S. Average: $2.19/g)
• July 19, 2015: $2.54/g (U.S. Average: $2.76/g)
• July 19, 2014: $3.39/g (U.S. Average: $3.58/g)
• July 19, 2013: $3.49/g (U.S. Average: $3.67/g)
• July 19, 2012: $3.27/g (U.S. Average: $3.43/g)
• July 19, 2011: $3.60/g (U.S. Average: $3.67/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.91/g, up 1.7 cents per gallon from last week’s $2.89/g.
• Richmond- $2.97/g, up 4.5 cents per gallon from last week’s $2.93/g.
• West Virginia- $3.03/g, up 0.8 cents per gallon from last week’s $3.02/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.