In recent weeks, gas prices have spiked, both in Virginia and around the country.
According to GasBuddy, the national average price for a gallon of gas was about $3.45 as of Monday, March 9, marking an increase of 51.1 cents over the past week. Compared to a month ago, the national average has jumped 54.1 cents per gallon and is 41.6 cents higher than a year ago. The national average price of diesel also rose, up 85.9 cents from last week to roughly $4.60 per gallon.
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In Virginia, prices average around $3.30 per gallon, a 48.2-cent increase from last week’s $2.82. While Virginia’s prices are below the national average, the state has still seen a notable rise in recent days. GasBuddy reported that on Sunday, the lowest price in Virginia was $2.53 per gallon and the highest was $4.49.
In Roanoke, average prices at the pump have climbed 37.8 cents per gallon in the last week, now averaging $3.16, according to GasBuddy’s survey of 155 stations. That’s 41 cents higher than a month ago and 37.1 cents more than a year ago. According to GasBuddy price reports, the cheapest station in Roanoke was priced at $2.73 per gallon Sunday, while the most expensive was $3.79 per gallon.
In just a week, consumers have seen gasoline prices surge at one of the fastest rates in years after oil prices spiked following U.S. strikes on Iran and the effective closure of the Strait of Hormuz. With additional attacks across the Middle East over the weekend pushing oil above $100 per barrel for the first time in years, fuel markets are now rapidly recalibrating to the risk of prolonged disruption to global supply flows. As a result, gasoline prices in many states could climb another 20 to 50 cents per gallon this week, with price-cycling markets potentially seeing increases as early as today. Diesel may rise even more sharply, with increases of 35 to 75 cents per gallon possible as global distillate markets react. While the situation remains highly fluid, consumers are already beginning to feel the impact as energy markets adjust to this sudden escalation.
Patrick De Haan, head of petroleum analysis at GasBuddy
Gas prices have been steadily climbing since the ongoing conflict in Iran, primarily due to the closure of the Strait of Hormuz, where, usually, around 20 million barrels of oil pass through every day. The strait is controlled by Iran, and has been closed due to the conflict.
For more on the conflict in Iran, you can find updates here.