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Average Richmond gas price remains high but steady

Posted at 9:49 AM, Nov 08, 2021
and last updated 2021-11-08 09:49:35-05

RICHMOND, Va. -- The average price per gallon of gas in Richmond remained unchanged over the last week, according to GasBuddy.com. The $3.27 price point is nearly 20-cents higher than last month and $1.23 higher than last year at this time.

"Last week saw oil prices briefly fall back under $80 for the first time in weeks. While it wasn't enough to provide much relief last week, we should see small declines this week in a majority of the country, thanks to the corresponding drop in wholesale gasoline prices," Patrick De Haan, head of petroleum analysis for GasBuddy, said. "At OPEC's monthly meeting last week, the cartel held firm to the small increases they agreed to in July, raising November production by 400,000 barrels per day. With President Biden still mulling over options to help push gas prices down, we could continue to see some volatility in oil prices. I don't immediately see a large decline or surge coming in the run up to Thanksgiving, but U.S. gasoline demand does remain strong. Levels are currently rivaling September demand, so we know high prices aren't significantly curbing consumption."

Richmond-area gas prices range from $3.09 to $3.59 a gallon, according to GasBuddy.

Here's a look at historical gas prices in Richmond (and the national average) going back 10 years:

  • November 8, 2020: $2.04/g (U.S. Average: $2.09/g)
  • November 8, 2019: $2.26/g (U.S. Average: $2.63/g)
  • November 8, 2018: $2.41/g (U.S. Average: $2.72/g)
  • November 8, 2017: $2.29/g (U.S. Average: $2.56/g)
  • November 8, 2016: $2.01/g (U.S. Average: $2.20/g)
  • November 8, 2015: $1.98/g (U.S. Average: $2.22/g)
  • November 8, 2014: $2.62/g (U.S. Average: $2.93/g)
  • November 8, 2013: $3.01/g (U.S. Average: $3.20/g)
  • November 8, 2012: $3.27/g (U.S. Average: $3.46/g)
  • November 8, 2011: $3.24/g (U.S. Average: $3.41/g)

The average U.S. price of regular-grade gasoline jumped by 5 cents over the past two weeks, to $3.49 per gallon.

The price at the pump is $1.30 higher nationally than a year ago.

Industry analyst Trilby Lundberg of the Lundberg Survey said the rise comes as the cost of crude oil and ethanol surges.

Nationwide, the highest average price for regular-grade gas is in the San Francisco Bay Area, at $4.77 per gallon. The lowest average is in Houston, at $2.98 per gallon.

According to the survey, the average price of diesel jumped 8 cents to $3.67 a gallon. That price is also $1.30 higher than a year ago.

This is a developing story, so anyone with more information can email newstips@wtvr.com to send a tip.

The Associated Press contributed to this report.