April 28, 2010
AAA FUEL GAUGE: WV Gasoline Prices Holding Steady
Special to Huntingtonnews.net
West Virginia gasoline prices dropped over half a penny for a gallon of self-serve regular gasoline this week. The current average price at the pump is $2.876. The national average price has stayed relatively stable - within a couple of cents of $2.85 - over the past couple of weeks. Today, it is $2.858.
According to AAA’s Fuel Gauge, oil prices fell Monday, April 26, pushed lower as the dollar gained strength against the euro. Oil ended the day at $84.20 per barrel on the New York Mercantile Exchange.
The strength of the dollar has come in large part due to the relative weakness of the euro. The euro has been strained in recent days as a result of continued uncertainty over a European Union plan to finally resolve issues related to the massive debt of EU member Greece.
Looking ahead, the markets will have some important information to consider that will play a direct role in the direction of oil and gasoline prices in the near term. On Tuesday, consumer confidence data will give the markets some guidance on how consumers feel about the current state of the economy and where they feel it might be heading.
(Editor's Note: The Conference Board reported Tuesday, April 27 that its Consumer Confidence Index increased in April to 57.9 from 52.3 in March, beating expectations of 53.5. Since February, the index has risen 11.5 points.)
Consumer confidence data is important to oil prices because the more optimistic consumers feel about the economy and its prospects for improvement in the weeks and months ahead, the more likely they are to buy things and travel. The more consumers buy, the more oil and gasoline is consumed in manufacturing and shipping.
Also due out is weekly data on crude oil inventories as well as a check-in on jobless figures. Both, of course, will also be consequential to the direction of oil prices in the coming weeks. Employment data will also continue to play a major role in how oil prices and the broader market perform in the short term. While there is a certain amount of positive sentiment on the markets the economy is generally improving, weak employment data continues to serve as a stark reminder of the severity of the recent recession.
This week’s average prices: West Virginia Average . . . . . . . . . . . $2.876
Average price during the week of April 20, 2010 . . . . . . . . . . . . . . $2.883
Average price during the week of April 28, 2009 . . . . . . . . . . . . . . $2.071
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.812 Bridgeport
$2.842 Clarksburg
$2.859 Huntington
$2.994 Martinsburg
$2.888 Morgantown
$2.864 Parkersburg
$2.878 Weirton
$2.869 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 Holding Steady
Special to Huntingtonnews.net
West Virginia gasoline prices dropped over half a penny for a gallon of self-serve regular gasoline this week. The current average price at the pump is $2.876. The national average price has stayed relatively stable - within a couple of cents of $2.85 - over the past couple of weeks. Today, it is $2.858.
According to AAA’s Fuel Gauge, oil prices fell Monday, April 26, pushed lower as the dollar gained strength against the euro. Oil ended the day at $84.20 per barrel on the New York Mercantile Exchange.
The strength of the dollar has come in large part due to the relative weakness of the euro. The euro has been strained in recent days as a result of continued uncertainty over a European Union plan to finally resolve issues related to the massive debt of EU member Greece.
Looking ahead, the markets will have some important information to consider that will play a direct role in the direction of oil and gasoline prices in the near term. On Tuesday, consumer confidence data will give the markets some guidance on how consumers feel about the current state of the economy and where they feel it might be heading.
(Editor's Note: The Conference Board reported Tuesday, April 27 that its Consumer Confidence Index increased in April to 57.9 from 52.3 in March, beating expectations of 53.5. Since February, the index has risen 11.5 points.)
Consumer confidence data is important to oil prices because the more optimistic consumers feel about the economy and its prospects for improvement in the weeks and months ahead, the more likely they are to buy things and travel. The more consumers buy, the more oil and gasoline is consumed in manufacturing and shipping.
Also due out is weekly data on crude oil inventories as well as a check-in on jobless figures. Both, of course, will also be consequential to the direction of oil prices in the coming weeks. Employment data will also continue to play a major role in how oil prices and the broader market perform in the short term. While there is a certain amount of positive sentiment on the markets the economy is generally improving, weak employment data continues to serve as a stark reminder of the severity of the recent recession.
This week’s average prices: West Virginia Average . . . . . . . . . . . $2.876
Average price during the week of April 20, 2010 . . . . . . . . . . . . . . $2.883
Average price during the week of April 28, 2009 . . . . . . . . . . . . . . $2.071
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.812 Bridgeport
$2.842 Clarksburg
$2.859 Huntington
$2.994 Martinsburg
$2.888 Morgantown
$2.864 Parkersburg
$2.878 Weirton
$2.869 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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