July 14, 2010
AAA FUEL GAUGE: West Virginia Gasoline Prices Drop 3 Cents
Special to Huntingtonnews.net
Good news abounds at the pumps this week as West Virginia motorists saw a three cent drop in gasoline prices. The average price of a gallon of gasoline is $2.688. The national average price is $2.715 per gallon, down a penny from last week.
Oil ended finished Monday down slightly at $74.95. Prices ended last week on a mini surge climbing over $76 bbl. Last week, traders were buffeted by data released by the Department of Energy (DOE) showing a large crude inventory draw down of about 5 million barrels. However, this hopeful sign that demand was on the rise was countered by expected news of slower consumer spending numbers for June as U.S. retail sales figures will be released on Wednesday. While the DOE data appeared to energize the market for a brief moment, it seems just another hopeful sign stymied by continued pessimism over the long-term economic reality.
The $75 per barrel mark seems to be the current middle range for oil prices. This current pricing trend seems to be in lock step to the lack of confidence in the long-term economic outlook. Some positive signs have been emerging, including a recent steady growth in corporate profits. But lingering concerns, such as the European debt crisis and predictions of a higher than average hurricane season continue to dampen any hopes for immediate positive trends. These and other factors are likely to keep crude prices boxed in their current range.
The effectiveness of BP’s 150,000-pound cap to the Deepwater Horizon well oil leak will not be determined until several days of testing are complete. While we wait for hopeful news that this latest effort will stop the three-month leak, the accident in the Gulf has still not contributed to any price change in the near-term. Similarly, the first Atlantic storm of the season, Hurricane Alex, did not significantly affect Gulf refining operations or result in any real price fluctuations.
This week’s average prices: West Virginia Average . . . . . . . . . . $2.688
Average price during the week of July 6, 2010 . . . . . . . . . . . . . . . $2.721
Average price during the week of July 14, 2009 . . . . . . . . . . . . . . $2.526
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.599 Bridgeport
$2.633 Clarksburg
$2.708 Huntington
$2.753 Martinsburg
$2.703 Morgantown
$2.752 Parkersburg
$2.689 Weirton
$2.674 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: West Virginia Gasoline Prices Drop 3 Cents
Special to Huntingtonnews.net
Good news abounds at the pumps this week as West Virginia motorists saw a three cent drop in gasoline prices. The average price of a gallon of gasoline is $2.688. The national average price is $2.715 per gallon, down a penny from last week.
Oil ended finished Monday down slightly at $74.95. Prices ended last week on a mini surge climbing over $76 bbl. Last week, traders were buffeted by data released by the Department of Energy (DOE) showing a large crude inventory draw down of about 5 million barrels. However, this hopeful sign that demand was on the rise was countered by expected news of slower consumer spending numbers for June as U.S. retail sales figures will be released on Wednesday. While the DOE data appeared to energize the market for a brief moment, it seems just another hopeful sign stymied by continued pessimism over the long-term economic reality.
The $75 per barrel mark seems to be the current middle range for oil prices. This current pricing trend seems to be in lock step to the lack of confidence in the long-term economic outlook. Some positive signs have been emerging, including a recent steady growth in corporate profits. But lingering concerns, such as the European debt crisis and predictions of a higher than average hurricane season continue to dampen any hopes for immediate positive trends. These and other factors are likely to keep crude prices boxed in their current range.
The effectiveness of BP’s 150,000-pound cap to the Deepwater Horizon well oil leak will not be determined until several days of testing are complete. While we wait for hopeful news that this latest effort will stop the three-month leak, the accident in the Gulf has still not contributed to any price change in the near-term. Similarly, the first Atlantic storm of the season, Hurricane Alex, did not significantly affect Gulf refining operations or result in any real price fluctuations.
This week’s average prices: West Virginia Average . . . . . . . . . . $2.688
Average price during the week of July 6, 2010 . . . . . . . . . . . . . . . $2.721
Average price during the week of July 14, 2009 . . . . . . . . . . . . . . $2.526
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.599 Bridgeport
$2.633 Clarksburg
$2.708 Huntington
$2.753 Martinsburg
$2.703 Morgantown
$2.752 Parkersburg
$2.689 Weirton
$2.674 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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