Nov. 17, 2010
AAA FUEL GAUGE: West Virginia Gasoline Prices Jump Almost Three Cents
Special to Huntingtonnews.net
West Virginia gasoline prices at the pump rose 2.6 cents over the last week. The average price for a gallon of self-serve, regular unleaded gasoline in West Virginia is currently $2.965.
According to AAA’s Fuel Gauge, after a selloff Friday, Nov. 12 pressured prices down more than two dollars on the week, crude oil rebounded slightly over the weekend but settled Monday, Nov. 15 at $84.85, down $2.21 from a week ago.
After a run up to settlement prices of $87.81 per barrel on Wednesday and Thursday—the first time since October 2008 that we’ve seen prices at that level—crude prices dropped nearly $3 on Friday to give back their gains from the week. Driving much of this volatility, as we have seen throughout the year, was the performance of the US dollar in the global market.
Strengthening of crude prices during the first half of the week was largely tied to American Petroleum Institute (API) and Department of Energy (DOE) reports that showed draws on crude stocks. While the API and DOE reports disagreed on the overall size of the draw, even DOE’s more conservative estimate of a 3.3 million barrel draw-down to 364.9 million barrels was enough to generate upward pressure on crude prices sending them to two-year highs. These highs were relatively short lived, however, as a stronger dollar mid-week faltered crude’s run toward $88 per barrel and ultimately pressured prices back down to end the week.
Last week’s strength in the dollar was linked by market watchers to concerns overseas surrounding Ireland’s economic woes and speculation that a subsequent bailout by the European Union’s rescue fund might be necessary.
The current national retail average price for a gallon of self-serve regular gasoline is $2.893.
This week’s average prices: West Virginia Average $2.965
Average price during the week of November 9, 2010 $2.939
Average price during the week of November 17, 2009 $2.681
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.968 Bridgeport
$2.964 Clarksburg
$2.958 Huntington
$2.984 Martinsburg
$2.975 Morgantown
$2.938 Parkersburg
$2.955 Weirton
$2.979 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.
Share This Story:
Make HNN Your Homepage (IE Users Only)
AAA FUEL GAUGE: West Virginia Gasoline Prices Jump Almost Three Cents
Special to Huntingtonnews.net
West Virginia gasoline prices at the pump rose 2.6 cents over the last week. The average price for a gallon of self-serve, regular unleaded gasoline in West Virginia is currently $2.965.
According to AAA’s Fuel Gauge, after a selloff Friday, Nov. 12 pressured prices down more than two dollars on the week, crude oil rebounded slightly over the weekend but settled Monday, Nov. 15 at $84.85, down $2.21 from a week ago.
After a run up to settlement prices of $87.81 per barrel on Wednesday and Thursday—the first time since October 2008 that we’ve seen prices at that level—crude prices dropped nearly $3 on Friday to give back their gains from the week. Driving much of this volatility, as we have seen throughout the year, was the performance of the US dollar in the global market.
Strengthening of crude prices during the first half of the week was largely tied to American Petroleum Institute (API) and Department of Energy (DOE) reports that showed draws on crude stocks. While the API and DOE reports disagreed on the overall size of the draw, even DOE’s more conservative estimate of a 3.3 million barrel draw-down to 364.9 million barrels was enough to generate upward pressure on crude prices sending them to two-year highs. These highs were relatively short lived, however, as a stronger dollar mid-week faltered crude’s run toward $88 per barrel and ultimately pressured prices back down to end the week.
Last week’s strength in the dollar was linked by market watchers to concerns overseas surrounding Ireland’s economic woes and speculation that a subsequent bailout by the European Union’s rescue fund might be necessary.
The current national retail average price for a gallon of self-serve regular gasoline is $2.893.
This week’s average prices: West Virginia Average $2.965
Average price during the week of November 9, 2010 $2.939
Average price during the week of November 17, 2009 $2.681
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.968 Bridgeport
$2.964 Clarksburg
$2.958 Huntington
$2.984 Martinsburg
$2.975 Morgantown
$2.938 Parkersburg
$2.955 Weirton
$2.979 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.
Share This Story:
Make HNN Your Homepage (IE Users Only)
