After weeks of steady increase, gasoline prices in Virginia are holding steady.
The reason, said Patrick De Haan, head of petroleum analysis for GasBuddy, is because oil prices dropped last week on inflation fears. In addition, worries about another COVID-19 surge in Europe is factoring into demand.
“Motorists filling their tanks may soon see a brief respite from rising gas prices,” Hann said.
“While gasoline demand last week rose to its highest level since the pandemic began, concerns that oil demand growth will stall with COVID-19 cases surging in Europe are eroding oil’s recent rise.”
Some states saw increases in prices last week, but the commonwealth was uncharged averaging at $2.76 per gallon. It’s possible the prices could drop in the weeks ahead, even at a time when U.S. gas demands rally to the highest level since that pandemic’s arrival a year ago.
Gas prices in Virginia are 22.4 cents per gallon higher than a month ago and stand 78.4 cents per gallon higher than a year ago.
“It’ll be a bumpy road the next few weeks as markets sort out the bearish and bullish factors, but I still believe prices will likely experience more upward momentum ahead of Memorial Day,” Haan said.
The national average price of gasoline fell last week, averaging $2.86 per gallon Monday. The national average is up 22 cents per gallon from a month ago and stands 78 cents per gallon higher than a year ago.