Virginia sees slight increase in gas prices

Virginia gas prices have risen 1.1 cents per gallon in the past week, averaging $2.95/gallon today, according to GasBuddy’s daily survey of 4,081 stations in Virginia.

Gas prices in Virginia are 2.4 cents per gallon higher than a month ago and stand 93.6 cents per gallon higher than a year ago.

The national average price of gasoline has risen 0.5 cents per gallon in the last week, averaging $3.13/g today. The national average is up 5.0 cents per gallon from a month ago and stands 93.7 cents per gallon higher than a year ago.

Analysis

“While the national average has seen a slight rise over the last week, we may see some stabilization coming to the pump as oil prices hold just under their 2021 peak from last week,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“Without additional crude oil supply coming online in the weeks ahead, we could see oil test $80 per barrel in the next couple of weeks. However, with U.S. gasoline demand falling slightly last week, we may have already seen peak consumption with the July 4 holiday. While the jury isn’t quite in on that just yet, we’re potentially only 4-6 weeks away from gas prices beginning a seasonal decline that we’re likely all eagerly awaiting.”

Trends

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

• July 12, 2020: $2.02/g (U.S. Average: $2.19/g)
• July 12, 2019: $2.51/g (U.S. Average: $2.79/g)
• July 12, 2018: $2.64/g (U.S. Average: $2.89/g)
• July 12, 2017: $2.04/g (U.S. Average: $2.25/g)
• July 12, 2016: $2.03/g (U.S. Average: $2.21/g)
• July 12, 2015: $2.58/g (U.S. Average: $2.76/g)
• July 12, 2014: $3.44/g (U.S. Average: $3.62/g)
• July 12, 2013: $3.36/g (U.S. Average: $3.56/g)
• July 12, 2012: $3.23/g (U.S. Average: $3.38/g)
• July 12, 2011: $3.55/g (U.S. Average: $3.63/g)

Neighboring areas and their current gas prices:

• Roanoke- $2.88/g, up 1.2 cents per gallon from last week’s $2.87/g.
• Richmond- $2.92/g, unchanged  from last week’s $2.92/g.
• West Virginia- $3.02/g, down 1.8 cents per gallon from last week’s $3.04/g.

GasBuddy data is accessible at FuelInsights.GasBuddy.com.