Following a steady incline earlier this year, gas prices have retreated.
In Virginia, costs have fallen 2.1 cents per gallon in the past week, averaging $2.74 per gallon Monday today, according to GasBuddy’s daily survey of 4,081 stations in Virginia. Gas prices in Virginia are 11.7 cents per gallon higher than a month ago and stand 85.5 cents per gallon higher than a year ago.
“After the feverish rise in gas prices to start the year, increases have largely tapered off and we’re now seeing decreasing prices in most areas of the country, thanks to oil prices that have moderated for the time being,” said Patrick De Haan, head of petroleum analysis for GasBuddy.
The blockage in the Suez Canal could throw some volatility into oil prices as hundreds of ships remained in limbo Monday, Haan said.
“Back stateside, refiners have made the switch to summer gasoline and price impacts have been limited thus far, but demand for gasoline remains strong,” he said. “Last week saw total gasoline demand at yet another pandemic high according to GasBuddy data.”
With warmer weather driving more people outside, gas prices could run higher unless COVID-19 cases jump leading to travel restrictions, Haan said.
The national average price of gasoline has fallen 2.7 cents per gallon in the last week, averaging $2.84 per gallon Monday. The national average is up 12.9 cents per gallon from a month ago and stands 87.5 cents per gallon higher than a year ago.