Virginia Gas Price Nears $5: Reasons Why Prices Keep Setting Records

VIRGINIA — Despite daily record high prices, more people are getting behind the wheel to enjoy the summer. But those trips come with a hefty price, as gas prices in Virginia averaged $4.77 per gallon on Wednesday. Some localities around Northern Virginia have already topped $5 averages.

Turbulence in the worldwide oil trade, increased demand for summer travel, and oil and gas companies continuing to collect high profits have contributed to record-high gas prices around the nation.

The average cost for a regular gallon of gas in Virginia on Monday was another record high, according to AAA, and 22 cents below the national average of $4.95. Nothern Virginia's average of $4.92 is closer to the national average.

Virginia gas prices set new records several days in the past week. Diesel prices averaged $5.79 per gallon in Virginia as of Wednesday, also a record average price.

The nation’s top 10 most expensive markets were led by California with an average cost of $6.34 and included Washington, D.C., at $5.06 per gallon on average as of Monday.

As a result of summer travel kicking off and less oil production, the national average for a gallon of gas surged 25 cents in one week to hit $4.86 Monday, AAA said. It's up another 9 cents since then to reach $4.95.

"People are still fueling up, despite these high prices," said AAA spokesperson Andrew Gross in a statement. "At some point, drivers may change their daily driving habits or lifestyle due to these high prices, but we are not there yet."

AAA projected 35 million travelers hitting the road on Memorial Day weekend — the weekend's highest number since 2019. The auto club also expected 865,366 in the DC region to travel by car for Memorial Day weekend getaways.

While it was Memorial Day in the United States, European Union leaders agreed to cut about 90 percent of Russian oil imports by year's end. Since Russia's Feb. 24 invasion of Ukraine, the E.U. has grappled with how to sanction Moscow despite the bloc's dependence on Russian oil. The E.U. decision has a major impact on the worldwide oil trade, which saw oil prices near $120 per barrel on Monday.

Meanwhile, 28 of the world's leading oil and gas companies made $93.3 billion in combined profits in the first quarter of the year, according to The Guardian. Shell made $9.1 billion in profits from January to March, while Exxon took in $8.8 billion — both about triple what the companies made during this span last year.

According to new data from the Energy Information Administration, total domestic gasoline stocks decreased last week. These supply and demand dynamics have contributed to rising pump prices. Coupled with volatile crude oil prices, pump prices will likely remain elevated as long as demand grows and supply remains tight.

Wednesday's average for gas in Virginia — $4.77 per gallon — is up from $4.47 a week ago, $4.21 a month ago and $2.92 a year ago. Northern Virginia's average of $4.92 is up from $4.61 a week ago, $4.34 a month ago and $3.01 a year ago.

While a gas tax holiday had been proposed in Virginia by Gov. Glenn Youngkin, the state budget passed by the Virginia General Assembly last week did not include it, according to the Washington Post. Rather, it includes tax rebates for Virginia taxpayers, the Virginia Mercury reported. Youngkin has not yet taken action on the budget.

The average price of a gallon of regular gas Wednesday across Northern Virginia and surrounding areas was:

• Alexandria City: $5.05
• Arlington County: $5.02
• Fairfax County: $5.02
• Fairfax City: $5.02
• Falls Church City: $4.97
• Fredericksburg City: $4.79
• Loudoun County: $4.88
• Manassas City: $4.86
• Prince William County: $4.91
• Stafford County: $4.90
• Spotsylvania County: $4.81