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Gas Prices Hold Steady

Average retail gasoline prices in Virginia have not moved in the past week, averaging $2.05/g yesterday, according to GasBuddy’s daily survey of 4,081 gas outlets in Virginia. This compares with the national average that has fallen 1.7 cents per gallon in the last week to $2.24/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Virginia during the past week, prices yesterday were 4.6 cents per gallon higher than the same day one year ago and are 4.7 cents per gallon lower than a month ago. The national average has decreased 5.0 cents per gallon during the last month and stands 3.3 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on July 17 in Virginia have ranged widely over the last five years:
$2.00/g in 2016, $2.55/g in 2015, $3.41/g in 2014, $3.48/g in 2013 and $3.26/g in 2012.

Areas near Virginia and their current gas price climate:
Roanoke- $1.99/g, up 1 cent per gallon from last week’s $1.98/g.
Richmond- $1.99/g, down 1.4 cents per gallon from last week’s $2.00/g.
West Virginia- $2.30/g, down 1.5 cents per gallon from last week’s $2.32/g.

“As expected, gasoline prices over the last week were mixed. While the national average edged lower by a couple cents nearing its lowest of the summer, 20 states saw average prices move higher, two states saw prices little changed, while 28 saw average prices decline,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. “Oil prices, after sagging to close the month of June, had started July by surging, only to let up shortly after. Last week, however, the market resumed the rise, posting a 5% weekly gain, so we’re likely again to see something of everything: gas prices rising in most areas, falling in a few, and perhaps changing little in a handful of places as well. The bigger issue we’re now looking at that could affect gasoline prices are a last minute special meeting OPEC will be holding on July 27. It remains a bit of a mystery what, if anything, they may decide, but all eyes will be focused on any policy changes or production changes.”

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