Virginia gas price average now above $3: Highest in seven year

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Virginia’s gas price average is above the three-dollar mark for the first time since October 2014, according to AAA.

The state average, now at $3.01 per gallon, is up three cents over last week, four cents over last month and is 94 cents higher than this day a year ago. Virginia is among the top 10 states (and D.C) that saw the largest weekly increases in gas prices across the country.

The national gas price average rose two cents this week to $3.20, a level not seen since October 2014 as well.  The probable causes for the increase are the high price of crude oil – stubbornly staying above $73 bbl – and a slight uptick in demand.

“Global economic uncertainty and supply chain concerns caused by the lingering COVID-19 pandemic could be playing a role in keeping crude oil prices elevated,” says Morgan Dean, spokesperson for AAA Mid-Atlantic in Virginia. “But, there may be some relief on the horizon due to the news that OPEC and its allies might ramp up production increases faster than previously agreed.”

According to new data from the Energy Information Administration, total domestic gasoline stocks increased slightly by 200,000 bbl to 221.8 million bbl last week. Gasoline demand also rose from 8.90 million b/d to 9.4 million b/d, more than a 5% increase.

However, according to the EIA, oil and natural gas production was lower than pre-pandemic levels during the same quarter in 2019. This tightened supply is helping keep crude prices above $73 per barrel and preventing pump prices from taking their usual seasonal swoon.

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