Sept. 15, 2010
AAA FUEL GAUGE: WV Gasoline Prices Jump More Than Nine Cents a Gallon
Special to Huntingtonnews.net
West Virginia gasoline prices moved 9.4 cents upward this week. The average price for a gallon of self-serve, regular unleaded gasoline is $2.796 at the pump. The national average for a gallon of self-serve regular is $2.717, which is 3.5 cents higher than a week ago.
According to AAA’s Fuel Gauge, maintaining the momentum gained last Friday, oil futures finished the formal trading session on the NYMEX up 74 cents, settling at $77.19. The shutdown of two Enbridge pipelines in the upper Midwest is one of several factors driving crude prices to their highest levels since August 11th.
Enbridge’s “6A” pipeline, which carries crude oil from Canada to US refineries in the Midwest, was closed last Thursday as a result of a leak. There is no current estimate as to when the pipeline will be back in operation. The other Enbridge pipeline has been shut down since late July and is still waiting approval from the Office of Pipeline Safety to restart. The repairs necessary to fix the pipeline are not considered to be extensive. However, increased sensitivity in the wake of the Deepwater Horizon spill in the Gulf of Mexico, coupled with the fact that Enbridge facilities have suffered two incidents within six weeks of each other, could result in a more extensive regulatory review. This increased scrutiny could add additional time before the pipelines return to fully operational levels.
Economic news released from China is also responsible for higher crude prices. In addition to imports rising 13 percent, oil demand in August rose 7.4 percent compared to a year ago. China is the second largest consumer of oil in the world and the increased demand numbers bolstered investor confidence which, in turn, spurred equity markets higher.
The most powerful weather pattern to date for the Atlantic storm season has now reached Category 4. Hurricane Igor has maximum sustained winds of 135 miles per hour, but forecasters are not currently predicting that the hurricane will not have any impact on the Gulf of Mexico and have not issued any coastal warnings at this time. It is moving west-northwest in the Atlantic on a track that could take it toward Bermuda. Hurricane Julia has formed in the Caribbean and is currently nearing the Cape Verde Islands.
This week’s average prices: West Virginia Average $2.796
Average price during the week of September 7, 2010 $2.702
Average price during the week of September 15, 2009 $2.580
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.899 Bridgeport
$2.907 Clarksburg
$2.902 Huntington
$2.700 Martinsburg
$2.706 Morgantown
$2.917 Parkersburg
$2.648 Weirton
$2.689 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 Nine Cents a Gallon
Special to Huntingtonnews.net
West Virginia gasoline prices moved 9.4 cents upward this week. The average price for a gallon of self-serve, regular unleaded gasoline is $2.796 at the pump. The national average for a gallon of self-serve regular is $2.717, which is 3.5 cents higher than a week ago.
According to AAA’s Fuel Gauge, maintaining the momentum gained last Friday, oil futures finished the formal trading session on the NYMEX up 74 cents, settling at $77.19. The shutdown of two Enbridge pipelines in the upper Midwest is one of several factors driving crude prices to their highest levels since August 11th.
Enbridge’s “6A” pipeline, which carries crude oil from Canada to US refineries in the Midwest, was closed last Thursday as a result of a leak. There is no current estimate as to when the pipeline will be back in operation. The other Enbridge pipeline has been shut down since late July and is still waiting approval from the Office of Pipeline Safety to restart. The repairs necessary to fix the pipeline are not considered to be extensive. However, increased sensitivity in the wake of the Deepwater Horizon spill in the Gulf of Mexico, coupled with the fact that Enbridge facilities have suffered two incidents within six weeks of each other, could result in a more extensive regulatory review. This increased scrutiny could add additional time before the pipelines return to fully operational levels.
Economic news released from China is also responsible for higher crude prices. In addition to imports rising 13 percent, oil demand in August rose 7.4 percent compared to a year ago. China is the second largest consumer of oil in the world and the increased demand numbers bolstered investor confidence which, in turn, spurred equity markets higher.
The most powerful weather pattern to date for the Atlantic storm season has now reached Category 4. Hurricane Igor has maximum sustained winds of 135 miles per hour, but forecasters are not currently predicting that the hurricane will not have any impact on the Gulf of Mexico and have not issued any coastal warnings at this time. It is moving west-northwest in the Atlantic on a track that could take it toward Bermuda. Hurricane Julia has formed in the Caribbean and is currently nearing the Cape Verde Islands.
This week’s average prices: West Virginia Average $2.796
Average price during the week of September 7, 2010 $2.702
Average price during the week of September 15, 2009 $2.580
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.899 Bridgeport
$2.907 Clarksburg
$2.902 Huntington
$2.700 Martinsburg
$2.706 Morgantown
$2.917 Parkersburg
$2.648 Weirton
$2.689 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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