Despite some ups and downs across the country, gas prices mostly remained level over the last week.
In Virginia, gas prices have risen 1.7 cents per gallon in the past week, averaging $2.98 Monday, according to GasBuddy’s daily survey of 4,081 stations in Virginia. Gas prices in Virginia are 4.6 cents per gallon higher than a month ago and stand 96.1 cents per gallon higher than a year ago.
“Gas prices across the country have been a bit sideways in the last week with a mixed bag of decreases and increases, but overall, the national average hasn’t seen much meaningful direction as oil prices remain under their early-July levels thus far thanks to OPEC coming to an agreement on production over the weekend,” said Patrick De Haan, head of petroleum analysis for GasBuddy.
The national average price of gasoline has risen 1.3 cents per gallon in the last week, averaging $3.17 per gallon Monday. The national average is up 10.2 cents per gallon from a month ago and stands 98.0 cents per gallon higher than a year ago.
“OPEC’s plan is to raise oil production by 400,000 bpd each month until 2022, at which time OPEC’s oil production will be back at pre-Covid levels,” De Haan said. “It’s a positive development in light of U.S. gasoline demand which last week rose nearly 2%, which should act as a loose ceiling on the price of oil, and could mean we’re even closer to seeing a peak in the national average if we haven’t already.”