Oct. 27, 2010
AAA FUEL GAUGE: West Virginia Gasoline Prices Drop Almost a Penny
Special to Huntingtonnews.net
After three consecutive weeks without a drop in gas prices, West Virginia area motorists will be paying almost a penny a gallon less when they pull up to the pump this week. The average price for a gallon of self-serve, regular unleaded gasoline is currently $2.862.
According to AAA’s Fuel Gauge, crude prices ended the day Monday up 83 cents on the NYMEX finishing at $82.52 at the conclusion of the formal trading session.
After bursting through the $80 ceiling to start October, crude’s momentum has reached for but has been unable to sustain a price above $84/bbl. Oil prices trended upward to close last week at $81.69/bbl, but analysts warn that a downward trend could start to take shape as refiners come back on line following a season of repairs. The efforts of crude prices to recover from early week lows reflected movement of the dollar, which was driven lower to end the week.
The release last week of the Federal Reserve’s Beige Book regional business survey revealed only moderate growth in the economy during the last month, fueling speculation that the Federal Reserve will elect to pump more cash into the economy and further devalue the dollar. As we have seen hold true throughout the year, a weaker greenback serves to bolster the appeal, and prices, of commodities—such as crude—as an alternative investment.
Additionally, slumping US demand at the pump is placing downward pressure on crude prices. Despite a 2.7 percent increase in consumption for the week ending October 15, demand for gasoline remains down 0.9 percent from the same week a year ago and year-to-date gasoline demand remains essentially flat, up less than one percent when compared to 2009. This was joined by news that US stockpiles rose 1.16 million barrels for their first increase in four weeks and comes as refiners prepare to return incremental barrels into the marketplace after seasonal turnaround, which as the potential to further increase stockpiles in the market. With decreasing demand and increasing supply, analysts are noting the conditions are in place for crude prices to maintain their current range, or perhaps experience slight downward pressure.
Consumers saw a slight decline in pump prices on the week, with the national average down 1.9 cents, however prices were up 11 cents compared to this time last month. The current national retail average price for a gallon of self-serve regular gasoline is $2.810
This week’s average prices: West Virginia Average $2.862
Average price during the week of October 19, 2010 $2.871
Average price during the week of October 27, 2009 $2.753
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.899 Bridgeport
$2.889 Clarksburg
$2.862 Huntington
$2.899 Martinsburg
$2.852 Morgantown
$2.873 Parkersburg
$2.794 Weirton
$2.828 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 Almost a Penny
Special to Huntingtonnews.net
After three consecutive weeks without a drop in gas prices, West Virginia area motorists will be paying almost a penny a gallon less when they pull up to the pump this week. The average price for a gallon of self-serve, regular unleaded gasoline is currently $2.862.
According to AAA’s Fuel Gauge, crude prices ended the day Monday up 83 cents on the NYMEX finishing at $82.52 at the conclusion of the formal trading session.
After bursting through the $80 ceiling to start October, crude’s momentum has reached for but has been unable to sustain a price above $84/bbl. Oil prices trended upward to close last week at $81.69/bbl, but analysts warn that a downward trend could start to take shape as refiners come back on line following a season of repairs. The efforts of crude prices to recover from early week lows reflected movement of the dollar, which was driven lower to end the week.
The release last week of the Federal Reserve’s Beige Book regional business survey revealed only moderate growth in the economy during the last month, fueling speculation that the Federal Reserve will elect to pump more cash into the economy and further devalue the dollar. As we have seen hold true throughout the year, a weaker greenback serves to bolster the appeal, and prices, of commodities—such as crude—as an alternative investment.
Additionally, slumping US demand at the pump is placing downward pressure on crude prices. Despite a 2.7 percent increase in consumption for the week ending October 15, demand for gasoline remains down 0.9 percent from the same week a year ago and year-to-date gasoline demand remains essentially flat, up less than one percent when compared to 2009. This was joined by news that US stockpiles rose 1.16 million barrels for their first increase in four weeks and comes as refiners prepare to return incremental barrels into the marketplace after seasonal turnaround, which as the potential to further increase stockpiles in the market. With decreasing demand and increasing supply, analysts are noting the conditions are in place for crude prices to maintain their current range, or perhaps experience slight downward pressure.
Consumers saw a slight decline in pump prices on the week, with the national average down 1.9 cents, however prices were up 11 cents compared to this time last month. The current national retail average price for a gallon of self-serve regular gasoline is $2.810
This week’s average prices: West Virginia Average $2.862
Average price during the week of October 19, 2010 $2.871
Average price during the week of October 27, 2009 $2.753
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.899 Bridgeport
$2.889 Clarksburg
$2.862 Huntington
$2.899 Martinsburg
$2.852 Morgantown
$2.873 Parkersburg
$2.794 Weirton
$2.828 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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