April 22, 2009
AAA FUEL GAUGE: WV Gasoline Prices Hold Steady
Special to Huntingtonnews.net
Gasoline prices in West Virginia remained steady this week. The average price for a gallon of regular, unleaded, gasoline is currently $2.070.
According to the AAA Fuel Gauge, oil prices staged their first significant move in over seven weeks yesterday, falling $4.45 to settle at $45.88 per barrel on the New York Mercantile Exchange. The long stretch of relative price stability was slightly interrupted by a surge in the strength of the dollar, climbing oil inventories, and speculation that the recessionary economic climate will continue to suppress demand for oil. Also, investor nervousness over this week’s spate of corporate earnings reports contributed to the drop.
In addition, inventories for oil have continued to rise as the global recession further suppresses domestic and international demand.
Demand for oil, both domestically and internationally, continues to be uncharacteristically low. Last week, an International Energy Agency (IEA) report suggested that in 2009 the global demand for oil may fall to its lowest level in about five years, or about three percent when compared to last year. Domestically, DOE has recently suggested that total average daily fuel demand for early spring was down 5.2 percent when compared to last year. Both drops in demand are due almost entirely to the global economic recession.
Still, all things considered, oil prices have remained fairly stable and right around the $50 per barrel mark. OPEC, for its part, has stated that it is comfortable with $50 per barrel oil, although it is concerned with the drop-off in demand.
This week’s average prices: West Virginia Average . . . . . . . . . . . . . . $2.070
Average price during the week of April 14, 2009 . . . . . . . . . . . . . . . . . $2.064
Average price during the week of April 22, 2008 . . . . . . . . . . . . . . . . . $3.615
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.024 Bridgeport
$2.038 Clarksburg
$2.084 Huntington
$2.097 Martinsburg
$2.111 Morgantown
$2.000 Parkersburg
$2.091 Weirton
$2.119 Wheeling
AAA East Central is a not-for-profit association with 80 local offices in Pennsylvania, West Virginia, Ohio, New York and Kentucky servicing 2.5 million members.
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AAA FUEL GAUGE: WV Gasoline Prices Hold Steady
Special to Huntingtonnews.net
Gasoline prices in West Virginia remained steady this week. The average price for a gallon of regular, unleaded, gasoline is currently $2.070.
According to the AAA Fuel Gauge, oil prices staged their first significant move in over seven weeks yesterday, falling $4.45 to settle at $45.88 per barrel on the New York Mercantile Exchange. The long stretch of relative price stability was slightly interrupted by a surge in the strength of the dollar, climbing oil inventories, and speculation that the recessionary economic climate will continue to suppress demand for oil. Also, investor nervousness over this week’s spate of corporate earnings reports contributed to the drop.
In addition, inventories for oil have continued to rise as the global recession further suppresses domestic and international demand.
Demand for oil, both domestically and internationally, continues to be uncharacteristically low. Last week, an International Energy Agency (IEA) report suggested that in 2009 the global demand for oil may fall to its lowest level in about five years, or about three percent when compared to last year. Domestically, DOE has recently suggested that total average daily fuel demand for early spring was down 5.2 percent when compared to last year. Both drops in demand are due almost entirely to the global economic recession.
Still, all things considered, oil prices have remained fairly stable and right around the $50 per barrel mark. OPEC, for its part, has stated that it is comfortable with $50 per barrel oil, although it is concerned with the drop-off in demand.
This week’s average prices: West Virginia Average . . . . . . . . . . . . . . $2.070
Average price during the week of April 14, 2009 . . . . . . . . . . . . . . . . . $2.064
Average price during the week of April 22, 2008 . . . . . . . . . . . . . . . . . $3.615
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.024 Bridgeport
$2.038 Clarksburg
$2.084 Huntington
$2.097 Martinsburg
$2.111 Morgantown
$2.000 Parkersburg
$2.091 Weirton
$2.119 Wheeling
AAA East Central is a not-for-profit association with 80 local offices in Pennsylvania, West Virginia, Ohio, New York and Kentucky servicing 2.5 million members.
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