June 9, 2010
West Virginia Gas Prices Drop Almost Two Cents
Special to Huntingtonnews.net
A gallon of self-serve, regular unleaded gasoline in West Virginia is 1.9 cents cheaper this week. West Virginia’s current average price is $2.684. The national average price is $2.718, a penny lower than last week’s price.
According to AAA’s Fuel Gauge, oil prices ended the day Monday down seven cents to $71.44. Oil prices fell last week after disappointing economic news that 411,000 temporary U.S Census workers were responsible for almost all of the job gains of the previous month. This news, combined with fresh lows for the euro, pushed oil prices down over 4%.
Further contributing to investor anxiety are increased fears about the European sovereign debt situation which has been compounded by recent confusion over Hungary’s financial status. Last week, officials in Hungary’s new government announced that the economy was in a “grave” position due to their debt burden and could be headed towards a similar economic meltdown as has been suffered by Greece. The euro reached a four-year low on Monday, dipping to just below $1.19.
However, the news from Europe was not all bad on Monday. German factory orders made an unexpected climb for the second month in a row since April, as the weaker euro pushed export demand higher. While the news out of Germany provided a small glimmer of encouragement it was not enough to counterbalance the euro’s tumble. The continued devaluation of the euro makes oil more expensive for foreign investors to purchase.
Much of the news remains focused on the biggest oil disaster in U.S. history at the Deepwater Horizon drilling site, now 49 days old. While it is not clear how much oil has been released into the Gulf, the U.S. Coast Guard is reporting that 11,000 barrels of oil has been captured in the last 24 hours. British Petroleum will not speculate on the overall ability of the latest containment strategy until more data is acquired over several more days. The Obama administration recently put on hold new deepwater exploratory drilling in the U.S. for six months, pending the findings and recommendations of a Presidential commission investigating the causes of the explosion in April. The spill is still very much on the minds of investors and while prices should not be affected in the short term, the drilling moratorium will be heavily scrutinized as to its potential long term impact on supply.
This week’s average prices: West Virginia Average . . . . . . . . . . . $2.684
Average price during the week of June 1, 2010 . . . . . . . . . . . . . . . . $2.703
Average price during the week of June 9, 2009 . . . . . . . . . . . . . . . . $2.706
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.628 Bridgeport
$2.671 Clarksburg
$2.741 Huntington
$2.754 Martinsburg
$2.694 Morgantown
$2.648 Parkersburg
$2.680 Weirton
$2.651 Wheeling
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West Virginia Gas Prices Drop Almost Two Cents
Special to Huntingtonnews.net
A gallon of self-serve, regular unleaded gasoline in West Virginia is 1.9 cents cheaper this week. West Virginia’s current average price is $2.684. The national average price is $2.718, a penny lower than last week’s price.
According to AAA’s Fuel Gauge, oil prices ended the day Monday down seven cents to $71.44. Oil prices fell last week after disappointing economic news that 411,000 temporary U.S Census workers were responsible for almost all of the job gains of the previous month. This news, combined with fresh lows for the euro, pushed oil prices down over 4%.
Further contributing to investor anxiety are increased fears about the European sovereign debt situation which has been compounded by recent confusion over Hungary’s financial status. Last week, officials in Hungary’s new government announced that the economy was in a “grave” position due to their debt burden and could be headed towards a similar economic meltdown as has been suffered by Greece. The euro reached a four-year low on Monday, dipping to just below $1.19.
However, the news from Europe was not all bad on Monday. German factory orders made an unexpected climb for the second month in a row since April, as the weaker euro pushed export demand higher. While the news out of Germany provided a small glimmer of encouragement it was not enough to counterbalance the euro’s tumble. The continued devaluation of the euro makes oil more expensive for foreign investors to purchase.
Much of the news remains focused on the biggest oil disaster in U.S. history at the Deepwater Horizon drilling site, now 49 days old. While it is not clear how much oil has been released into the Gulf, the U.S. Coast Guard is reporting that 11,000 barrels of oil has been captured in the last 24 hours. British Petroleum will not speculate on the overall ability of the latest containment strategy until more data is acquired over several more days. The Obama administration recently put on hold new deepwater exploratory drilling in the U.S. for six months, pending the findings and recommendations of a Presidential commission investigating the causes of the explosion in April. The spill is still very much on the minds of investors and while prices should not be affected in the short term, the drilling moratorium will be heavily scrutinized as to its potential long term impact on supply.
This week’s average prices: West Virginia Average . . . . . . . . . . . $2.684
Average price during the week of June 1, 2010 . . . . . . . . . . . . . . . . $2.703
Average price during the week of June 9, 2009 . . . . . . . . . . . . . . . . $2.706
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.628 Bridgeport
$2.671 Clarksburg
$2.741 Huntington
$2.754 Martinsburg
$2.694 Morgantown
$2.648 Parkersburg
$2.680 Weirton
$2.651 Wheeling
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