Average Virginia gas price reaches all-time high

Virginia’s state gas price average for regular unleaded hit a new record high overnight, just two months after breaking a 14 year old record. Today, the average cost of a regular gallon of gas in the state rose to $4.26 – up a penny overnight and up a penny over the old record of $4.25, up 11 cents in the past week, up 32 cents in the past month, and $1.35 higher than one year ago.

The Virginia diesel average also set a new record high at $5.56 – up a penny overnight, up 7 cents in the past week, up 60 cents in the past month and $2.56 more expensive than this day a year ago.

The average cost per gallon in the Richmond region remains tied with the all-time record high of $4.25 – flat from yesterday, up 9 cents in a week, up 26 cents in a month and $1.38 from one year ago.

The national average retail price for a gallon of regular, self-service gasoline also set a new record today at $4.43 per gallon – up 2 cents overnight, 16 cents in the past week, 35 cents in the past month, and $1.41 higher than one year ago.

“As long as supplies remains tight, it will be hard for crude oil prices to fall and consumers will in turn face higher prices at the pump,” said Morgan Dean, spokesperson for AAA Mid-Atlantic. “It now costs drivers in the U.S. about $25 more to fill up their gas tank than a year ago.”

Pump prices are on the rise again primarily due to the high cost of crude oil. At the beginning of the week, the price of crude oil slid below $100 per barrel due to global market concern that crude demand will suffer as COVID lockdowns in China remain in place. But crude prices reversed course Wednesday over growing market worries that Ukrainian and European Union actions against Russian oil-and-natural gas companies could spark retaliation by Russia that leads to more market disruption and uncertainty.

Crude prices rose despite EIA reporting that domestic crude supply increased by 8.5 million bbl to 424.2 million bbl. The current level is approximately 12.5 percent lower than during the first week of May 2021. Pump prices will likely face upward pressure as oil prices stay above $105 per barrel.

To get the most out of each gallon of gas, AAA officials advise motorists to keep their tires properly inflated; get their vehicles checked regularly; avoid idling; observe the speed limit (since gas mileage decreases rapidly at speeds above 60 mph); drive sensibly (since speeding, rapid acceleration and braking all waste gas); consolidate trips; and minimize drag by closing windows and not using roof- or rear-mounted racks.