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Gas Prices Stabilize in Virginia, But For How Long?

Virginia Average Up Two Cents In A Week 

As the cost of a barrel of oil has remained near $110, the gas price decline has slowed. After hitting $4.33 on March 11, the national average for a gallon of gasoline is now $4.24, but only down a penny since last week. Virginia’s gas price average is up two cents this week, but still 13 cents below the all-time record high set on March 11th.

Domestically, gasoline demand is again defying seasonal trends and has dipped for the second straight week, perhaps due to higher pump prices and consumers altering their driving habits.

“The global oil market reflects the volatility caused by the war in Ukraine grinding onward,” said Morgan Dean, AAA Mid-Atlantic spokesperson. “And with oil prices refusing to fall, the price at the pump is likewise meeting resistance at dropping further.”

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks fell by 3 million bbl to 238 million bbl last week. Gasoline demand also decreased from 8.94 million b/d to 8.63 million b/d. The drop in gas demand is contributing to price decreases. However, the steady increase in the price of oil is slowing that decline. If oil prices continue to rise, pump prices will likely follow suit, reversing course from the current downward trend.

Today’s national average for a gallon of gas is $4.24, which is one cent less than a week ago, 63 cents more than a month ago, and $1.38 more than a year ago. Virginia is $4.12 today, up 2 cents from a week ago, up 69 cents from a month ago and up $1.39 from a year ago.   

 GAS PRICES FROM AAA
Average price per gallon of self-serve, regular gasoline. 
Gas prices provided by AAA, http://gasprices.aaa.com/
 
 
Today
Weekly Change
Up/Down
Last Month
Last Year
National
$4.24
Down 1 cent
$3.61
$2.86
Virginia
$4.12
Up 2 cents
$3.43
$2.73
Charlottesville
$4.16
No change
$3.46
$2.77
Fredericksburg$4.03Up 2 cents$3.47$2.70
Harrisonburg$4.19Down 6 cents$3.46$2.75
Norfolk Area
$4.13
Up 10 cents
$3.39
$2.68
Richmond
$4.09
Up 6 cents
$3.40
$2.73
Roanoke
$4.04
Down 2 cents
$3.38
$2.67
 
Quick Stats
The nation’s top 10 largest weekly changes: Georgia (?17 cents), Nevada (+13 cents), Utah (+9 cents), Montana (+8 cents), Arizona (+8 cents), Wyoming (+8 cents), Delaware (+7 cents), Washington, D.C. (+7 cents), Idaho (+6 cents) and California (+6 cents).
The nation’s top 10 least expensive markets: Missouri ($3.78), Kansas ($3.80), Oklahoma ($3.81), Arkansas ($3.82), Maryland ($3.82), Nebraska ($3.87), Texas ($3.87), Iowa ($3.88), North Dakota ($3.91) and Mississippi ($3.91).
Oil Market Dynamics
At the close of Friday’s formal trading session, WTI increased by $1.56 to settle at $113.90. Crude prices climbed after EIA’s weekly report revealed that total domestic crude stocks declined last week by 2.5 million bbl to 413.4 million bbl, approximately 18 percent lower than the level in mid-March 2021. The current inventory level highlights tightness in the market, contributing to rising prices. For this week, crude prices may fall on news that Shanghai is imposing new lockdown measures to curb COVID-19 transmission rates, which would likely reduce crude demand. According EIA, China became the world’s largest buyer of crude oil in 2017.

AAA has a variety of resources to help motorists save on fuel:

AAA is the most comprehensive resource for gas prices.  Unlike the Lundberg Survey of 7,000 gas stations, AAA reports reflect actual prices from credit card transactions at more than 100,000 gas stations in the U.S. 

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