Why are gas prices so high in Virginia?

Why are Gas Prices So High in Virginia?

If you are a resident of Virginia, you will find out that gas prices in this state have increased recently. And you may wonder about the cause of the rising cost of gas. Just like you, many residents of Virginia are asking, why are gas prices so high in Virginia?

You will find out the factors responsible for the recent spike in gas prices. Apart from that, you will get the answers to various other questions asked by drivers in the state.

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How much is gas in Virginia right now?

Gas prices in Virginia are going in 2023, and the residents of the state continue wondering about the cause of this steady rise. Many factors contribute to that, with the increase in crude oil price being the main factor.

So, if you want to use gas in the state, you will spend at least $3.346 for unleaded gas and $4.752 for mid-grade gas. The table below contains the current price of gas per gallon in Virginia recently.

Regular Mid-Grade
Current Avg. $3.346 $3.752
Yesterday Avg. $3.348 $3.753
Week Ago Avg. $3.326 $3.734
Month Ago Avg. $3.311 $3.728

Why are gas prices going up in Virginia?

So, why are gas prices going up in Virginia? Many factors have contributed to the spike in gas prices in Virginia, with the prices being pulled up not only due to continued increases in demand as temperatures warm but also pressure from oil prices resulting from the cut in crude oil production by OPEC member countries. The cut in production has caused crude oil prices to rise by over 20% in the last month.

Moreover, there is a low demand for crude oil since the price of gas has increased, leading to a low supply of gas in many places, including Virginia, which also determines gas prices in the state.

Why is gas more expensive in West Virginia?

Many factors have contributed to gas being more expensive in West Virginia than in other parts of the state, including the global price of crude oil, the tax rate on gas, the cost of importing gas into the place, and many other factors.

In West Virginia, there are more than 1450 retail stations that sell gasoline, with each station selling an average of 48,517 gallons per month. Thus, the gas vendors charge more on a gallon of gas to cover the fixed costs like payroll, facilities, and insurance for their business.

In addition to that, the amount of tax paid in WA is greater than in many parts of the state. In West Virginia, the tax rate on a gallon of gas is 33.4 cents. Furthermore, a federal tax of 18.4 cents is added to each gallon. Thus, the residents of West Virginia pay extra 51.8 cents to fill a gallon of gas, which accounts for 1.7 cents per gallon more in tax on each gallon of gas than the national average.

Apart from the factors mentioned above, there is only one working refinery in West Virginia, which is very small and cannot serve the state.

Why are gas prices so high in Virginia?

Why are gas prices so high in Virginia?

So, why are gas prices so high in Virginia? Virginia is beginning to experience warm weather recently, and many people are beginning to drive, leading to more cues in the pumps, which results in high demand for gas in the state. In fact, warm weather travels are the reasons gas prices are now high in Virginia.

In addition to higher demand, the Organization of the Petroleum Exporting Countries (OPEC) has concluded that its members will reduce crude oil production, which caused the prices to go up about $5 to more than $84 a barrel.

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