Roanoke, Virginia – Gasoline prices in Roanoke have seen a minor increase of 1 cent per gallon over the past week, with the current average standing at $3.22 per gallon.
This data comes from GasBuddy‘s study of 155 Roanoke stations. When compared with a month ago, Roanoke’s prices are 8 cents per gallon cheaper and they are 125.9 cents per gallon cheaper than the previous year. The national average for diesel has decreased by 3.4 cents over the past week and currently stands at $3.88 per gallon.
Based on GasBuddy’s price reports, the lowest gasoline price in Roanoke was $3.05 per gallon as of yesterday, with the highest price at $3.39 per gallon, indicating a 34 cent difference. Across the state, the lowest price recorded yesterday was $2.96 per gallon, whereas the highest reached $4.05 per gallon, a substantial gap of $1.09 per gallon.
The past week has seen a decrease in the national average price of gasoline by 3.9 cents per gallon, with today’s average at $3.51 per gallon. The national average has dropped by 1.7 cents per gallon over the past month and is 134.5 cents per gallon lower than it was a year ago. These statistics have been derived from GasBuddy data, which incorporates over 11 million weekly price reports from more than 150,000 gas stations nationwide.
Patrick De Haan, Head of Petroleum Analysis at GasBuddy, stated, “While the national average drifted lower last week as oil prices cooled off, the drop may be temporary. OPEC+ agreed Sunday to additional production cuts, while Saudi Arabia is going above and beyond and cutting July production. As a result, oil prices are likely to see upward pressure as global supplies, which have remained tight, promise to become even tighter as a result. Last time OPEC+ agreed to cut production, it led to a temporarily rally in the price of oil, but as global oil demand hasn’t been as strong as expected, the cut failed to hold oil prices up. OPEC+ and Saudi Arabia are likely hoping that the rise in oil prices will stick longer this time, as the Saudi economy relies on oil prices north of $81 per barrel. It’s likely that as a result of the production cut, oil prices could rally this week, pushing gasoline prices higher as early as mid-week. How long any rise in gas prices lasts is up in the air, but I do not yet believe motorists need to be worried. Any rise in average prices should be fairly small, and we’re still extremely unlikely to make a run at record prices anytime soon.”
