HARRISONBURG, Va. (WHSV) – 66 days ago, the average price for a gallon of gas in the state of Virginia was $2.81.
Now, that same gallon of gas costs roughly $1.36 more due to the ongoing conflict between the United States and Iran.
Meanwhile, the nationwide average has seen a nearly $1.50 increase since the war began.
Economic experts warn that while gas prices, which have already hit record highs, could continue to soar not only if the war in Iran continues, but also as we approach the unofficial start of the summer season.
“Gas prices go up around Memorial Day and then go back down around Labor Day. This is a trend we see every year,” Gbenga Ajilore, chief economist at the Center on Budget and Policy Priorities, said.
Ajilore said that increased travel demand starting on Memorial Day Weekend is when gas prices are at their highest during the calendar year, and this year could see those prices surge up to $5.00 per gallon.
“We don’t think that’s going to go back down again, so you add on top of that with prices going up on Memorial Day, and so now we’re at $4.45, $4.50, we might even see $5 gas this summer,” Gbenga said.
It could force drivers to alter where they plan to spend their Memorial Day weekend or even scrap those plans altogether if prices reach those astronomical levels.
“We’re probably going to stay inside, try to think about what the neat things are we have locally and do a lot of that, so now we have a decrease in tourism dollars for a lot of these places that are used to having a lot of people coming during the summer,” Gbenga said.
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