Nov. 10, 2010
AAA FUEL GAUGE: Almost Nine Cent Gasoline Price Increase Posted for West Virginia
Special to Huntingtonnews.net
West Virginia gasoline prices rose 8.7 cents this week. The average price for a gallon of self-serve, regular unleaded gasoline in the Lockport area is currently $2.939 at the pump.
According to AAA’s Fuel Gauge, crude oil settled at $87.06 Monday, up $0.21. As anticipated, this past week was a volatile and eventful one for crude prices and the US economy as a whole due to the weakening dollar; midterm election results; and reports on the health of the economy.
Deserving primary credit for the boost to the markets was Wednesday’s announcement by Fed Chairman Ben Bernanke detailing a second round of quantitative easing (dubbed “QE2” by analysts). More dollars in the market would be expected to stimulate the economy as well as weaken the US dollar. When the dollar weakens, investors, including those holding foreign currencies, are more apt to invest in commodities, including crude, which drives up prices. This inverse correlation has increased over the last year to, most recently, its highest level in 14 months
Last week, much attention was also given to the midterm elections, which resulted in Republicans regaining control of the US House of Representatives and picking up a number of seats in the Senate. It remains to be seen what influence this change in the political landscape will have on the market in the long term but led to expected volatility during the latter half of last week. The market tends to perform well during gridlock and the perceived stability that comes with it, and last week proved no exception with both crude prices and the NYMEX setting multi-month highs following the elections.
A larger-than-normal draw of 2.7 million barrels for gasoline stockpiles overrode Department of Energy reports of increased oil stockpiles. Usually such data would be seen as a positive economic indicator; however this decline in refined product inventories has been attributed to exports and US refineries, particularly those on the East Coast, operating at minimal levels due to autumn maintenance.
The current national retail average price for a gallon of self-serve regular gasoline is $2.857.
This week’s average prices: West Virginia Average $2.939
Average price during the week of November 2, 2010 $2.852
Average price during the week of November 10, 2009 $2.717
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.959 Bridgeport
$2.961 Clarksburg
$3.031 Huntington
$2.900 Martinsburg
$2.894 Morgantown
$3.004 Parkersburg
$2.856 Weirton
$2.907 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: Almost Nine Cent Gasoline Price Increase Posted for West Virginia
Special to Huntingtonnews.net
West Virginia gasoline prices rose 8.7 cents this week. The average price for a gallon of self-serve, regular unleaded gasoline in the Lockport area is currently $2.939 at the pump.
According to AAA’s Fuel Gauge, crude oil settled at $87.06 Monday, up $0.21. As anticipated, this past week was a volatile and eventful one for crude prices and the US economy as a whole due to the weakening dollar; midterm election results; and reports on the health of the economy.
Deserving primary credit for the boost to the markets was Wednesday’s announcement by Fed Chairman Ben Bernanke detailing a second round of quantitative easing (dubbed “QE2” by analysts). More dollars in the market would be expected to stimulate the economy as well as weaken the US dollar. When the dollar weakens, investors, including those holding foreign currencies, are more apt to invest in commodities, including crude, which drives up prices. This inverse correlation has increased over the last year to, most recently, its highest level in 14 months
Last week, much attention was also given to the midterm elections, which resulted in Republicans regaining control of the US House of Representatives and picking up a number of seats in the Senate. It remains to be seen what influence this change in the political landscape will have on the market in the long term but led to expected volatility during the latter half of last week. The market tends to perform well during gridlock and the perceived stability that comes with it, and last week proved no exception with both crude prices and the NYMEX setting multi-month highs following the elections.
A larger-than-normal draw of 2.7 million barrels for gasoline stockpiles overrode Department of Energy reports of increased oil stockpiles. Usually such data would be seen as a positive economic indicator; however this decline in refined product inventories has been attributed to exports and US refineries, particularly those on the East Coast, operating at minimal levels due to autumn maintenance.
The current national retail average price for a gallon of self-serve regular gasoline is $2.857.
This week’s average prices: West Virginia Average $2.939
Average price during the week of November 2, 2010 $2.852
Average price during the week of November 10, 2009 $2.717
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.959 Bridgeport
$2.961 Clarksburg
$3.031 Huntington
$2.900 Martinsburg
$2.894 Morgantown
$3.004 Parkersburg
$2.856 Weirton
$2.907 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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