Sept. 22, 2010
AAA FUEL GAUGE: More Than Four Cent Drop in West Virginia Gasoline Prices
Special to Huntingtonnews.net
West Virginia’s average price for a gallon of self-serve, regular unleaded gasoline is $2.754 at the pump. This is a 4.2 cent decrease from a week ago.
According to AAA’s Fuel Gauge, crude prices jumped $1.17 on Monday to finish at $74.83 at settlement time on the NYMEX. Last week, the continued closure of a major pipeline disrupted the flow of Canadian crude oil to refiners in the Midwest market. The Enbridge pipeline, which carries up to 670,000 barrels of oil per day to Midwest refiners, was initially shut down due to a leak on September 9th. Fear of a prolonged supply disruption resulted in oil futures soaring over $77 per barrel early last week.
However, by the middle of the week, prices started to fall on speculation that the Enbridge line would restart before the end of week. By the time of the official settlement for the NYMEX on Friday, crude oil had dropped to $73.66 a barrel, its biggest one-week drop in five weeks.
The most likely reason for Monday’s crude price increase is the recent activity in the equities markets. Investors seemed to have a hopeful eye focused on today’s meeting of the Federal Reserve Board, which is trying to initiate action to help boost the US economy. In anticipation of the central bank meeting, the Dow Jones Industrial Average rose over 100 points Monday, a gain of nearly 1.4 percent. The S&P 500 and the Nasdaq also posted similar percentage gains. Throughout the year, crude prices have reliably followed the direction of the equities markets.
This year’s Atlantic hurricane season continues to be very active. Five major hurricanes (Category 3 winds of 111 miles per hour or more) have formed in the Atlantic this year out of a total of 11 named storms. According to the National Oceanic and Atmospheric Administration, the average Atlantic hurricane season produces 11 named storms from June 1 through November 30. Despite this, there have been no immediate weather impacts on refining operations or oil infrastructure in the Gulf of Mexico.
Today, the national average for a price of unleaded regular self-serve gasoline was $2.721, 17 cents higher than one year ago.
This week’s average prices: West Virginia Average $2.754
Average price during the week of September 14, 2010 $2.796
Average price during the week of September 22, 2009 $2.540
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.802 Bridgeport
$2.820 Clarksburg
$2.791 Huntington
$2.700 Martinsburg
$2.810 Morgantown
$2.761 Parkersburg
$2.652 Weirton
$2.695 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: More Than Four Cent Drop in West Virginia Gasoline Prices
Special to Huntingtonnews.net
West Virginia’s average price for a gallon of self-serve, regular unleaded gasoline is $2.754 at the pump. This is a 4.2 cent decrease from a week ago.
According to AAA’s Fuel Gauge, crude prices jumped $1.17 on Monday to finish at $74.83 at settlement time on the NYMEX. Last week, the continued closure of a major pipeline disrupted the flow of Canadian crude oil to refiners in the Midwest market. The Enbridge pipeline, which carries up to 670,000 barrels of oil per day to Midwest refiners, was initially shut down due to a leak on September 9th. Fear of a prolonged supply disruption resulted in oil futures soaring over $77 per barrel early last week.
However, by the middle of the week, prices started to fall on speculation that the Enbridge line would restart before the end of week. By the time of the official settlement for the NYMEX on Friday, crude oil had dropped to $73.66 a barrel, its biggest one-week drop in five weeks.
The most likely reason for Monday’s crude price increase is the recent activity in the equities markets. Investors seemed to have a hopeful eye focused on today’s meeting of the Federal Reserve Board, which is trying to initiate action to help boost the US economy. In anticipation of the central bank meeting, the Dow Jones Industrial Average rose over 100 points Monday, a gain of nearly 1.4 percent. The S&P 500 and the Nasdaq also posted similar percentage gains. Throughout the year, crude prices have reliably followed the direction of the equities markets.
This year’s Atlantic hurricane season continues to be very active. Five major hurricanes (Category 3 winds of 111 miles per hour or more) have formed in the Atlantic this year out of a total of 11 named storms. According to the National Oceanic and Atmospheric Administration, the average Atlantic hurricane season produces 11 named storms from June 1 through November 30. Despite this, there have been no immediate weather impacts on refining operations or oil infrastructure in the Gulf of Mexico.
Today, the national average for a price of unleaded regular self-serve gasoline was $2.721, 17 cents higher than one year ago.
This week’s average prices: West Virginia Average $2.754
Average price during the week of September 14, 2010 $2.796
Average price during the week of September 22, 2009 $2.540
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.802 Bridgeport
$2.820 Clarksburg
$2.791 Huntington
$2.700 Martinsburg
$2.810 Morgantown
$2.761 Parkersburg
$2.652 Weirton
$2.695 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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