July 21, 2010
AAA FUEL GAUGE: WV Gasoline Prices Jump More Than Four Cents
Special to Huntingtonnews.net
West Virginia gas prices increased 4.4 cents this week. The average price for a gallon of self-serve, regular unleaded gasoline at the pump is $2.732.
According to AAA’s Fuel Gauge, oil prices lingered in the mid-$70s last week as investors looked for signs as to the strength of the global economy. Prices have continued to maintain a central range around $75 per barrel and seem content to hover broadly in the $70-$80 per barrel level, fluctuating only slightly amidst competing economic signals and some recent data that the U.S. economic recovery may be slowing down.
As is typical of recent weeks, a mixed-bag of economic indicators continues to cloud the long-term direction of the domestic economic recovery. The National Association of Home Builders/Wells Fargo housing confidence index dropped to its lowest level this month since April 2009. Builders cite several factors for this including the recent expiration of the government’s tax incentive program, consumer hesitancy due to concerns over the job market, and news that home foreclosures have climbed 38% from the second quarter a year ago.
There were hopeful signs for the U.S. recovery during the second quarter of this year as more businesses hired workers and cut fewer jobs. According to a survey released Monday by the National Association for Business Economics, 31 percent of businesses added workers between April and June, the highest level in three years.
While the markets look for direction and concerns continue over the pace of the global economic recovery, it is helpful to put this summer’s lack of price volatility into some historical perspective. Retail prices are up about 25-cents per gallon from this time in 2009. A year ago today, the average price of self-serve regular was $2.47. Two years ago at this time we were on the precipice of the global economic meltdown as the national average for self-serve soared over $4 per gallon. On July 17, 2008 we recorded the all time highest average price at $4.11.
Current conditions may not hold the drama of two years ago, but they are notable for other reasons. Summertime usually brings higher demand which influences retail prices. Yet for seven weeks the price of self-serve regular gasoline has not stepped outside of the range of $2.70 - $2.75, which is somewhat remarkable. Today was no exception. The national retail average for a gallon of self-serve regular gasoline was $2.719.
This week’s average prices: West Virginia Average . . . . . . . . . . $2.732
Average price during the week of July 13, 2010 . . . . . . . . . . . . . . $2.688
Average price during the week of July 21, 2009 . . . . . . . . . . . . . . $2.480
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.777 Bridgeport
$2.817 Clarksburg
$2.713 Huntington
$2.711 Martinsburg
$2.705 Morgantown
$2.783 Parkersburg
$2.676 Weirton
$2.671 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 Jump More Than Four Cents
Special to Huntingtonnews.net
West Virginia gas prices increased 4.4 cents this week. The average price for a gallon of self-serve, regular unleaded gasoline at the pump is $2.732.
According to AAA’s Fuel Gauge, oil prices lingered in the mid-$70s last week as investors looked for signs as to the strength of the global economy. Prices have continued to maintain a central range around $75 per barrel and seem content to hover broadly in the $70-$80 per barrel level, fluctuating only slightly amidst competing economic signals and some recent data that the U.S. economic recovery may be slowing down.
As is typical of recent weeks, a mixed-bag of economic indicators continues to cloud the long-term direction of the domestic economic recovery. The National Association of Home Builders/Wells Fargo housing confidence index dropped to its lowest level this month since April 2009. Builders cite several factors for this including the recent expiration of the government’s tax incentive program, consumer hesitancy due to concerns over the job market, and news that home foreclosures have climbed 38% from the second quarter a year ago.
There were hopeful signs for the U.S. recovery during the second quarter of this year as more businesses hired workers and cut fewer jobs. According to a survey released Monday by the National Association for Business Economics, 31 percent of businesses added workers between April and June, the highest level in three years.
While the markets look for direction and concerns continue over the pace of the global economic recovery, it is helpful to put this summer’s lack of price volatility into some historical perspective. Retail prices are up about 25-cents per gallon from this time in 2009. A year ago today, the average price of self-serve regular was $2.47. Two years ago at this time we were on the precipice of the global economic meltdown as the national average for self-serve soared over $4 per gallon. On July 17, 2008 we recorded the all time highest average price at $4.11.
Current conditions may not hold the drama of two years ago, but they are notable for other reasons. Summertime usually brings higher demand which influences retail prices. Yet for seven weeks the price of self-serve regular gasoline has not stepped outside of the range of $2.70 - $2.75, which is somewhat remarkable. Today was no exception. The national retail average for a gallon of self-serve regular gasoline was $2.719.
This week’s average prices: West Virginia Average . . . . . . . . . . $2.732
Average price during the week of July 13, 2010 . . . . . . . . . . . . . . $2.688
Average price during the week of July 21, 2009 . . . . . . . . . . . . . . $2.480
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.777 Bridgeport
$2.817 Clarksburg
$2.713 Huntington
$2.711 Martinsburg
$2.705 Morgantown
$2.783 Parkersburg
$2.676 Weirton
$2.671 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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