Dec. 1, 2010
AAA FUEL GAUGE: West Virginia Gasoline Prices Drop 2.5 Cents Per Gallon
Special to Huntingtonnews.net
When West Virginia holiday shoppers fill their tanks to head to their favorite mall, they will find gasoline prices have dropped 2.5 cents this week at the pump. The average price for a gallon of self-serve, regular unleaded gasoline is currently $2.921.
According to AAA’s Fuel Gauge, crude oil settled Monday at $81.74, down 34 cents from the opening of formal trading on the NYMEX.
As we’ve seen throughout the year, the decline in crude prices last week had less to do with traditional supply and demand factors, and more to do with strength in the US dollar and the broader economy. As economic growth overseas slows or becomes less stable, the US economy becomes more attractive for investors. This in turn strengthens the US dollar making investors, including those holding foreign currencies, less likely to invest in commodities such as crude, which can tend to apply downward pressure on prices.
Anxiety continued to mount surrounding the solvency of Ireland’s sovereign debt. Yesterday, the European Union and International Monetary Fund agreed to provide loans to Ireland in an effort to help bailout their banking and debt crisis. This news has not completely settled investors’ worries in regard to a financial crisis with broader implications for the continent. In particular, attention is now focusing on Portugal, which many market watchers feel may be the next country needing relief.
The second global story moving the market for the week was speculation that China was considering policies to curb inflation by raising their national interest rate. An interest rate hike by China could slow industrial growth in the region and subsequently reduce Chinese demand for oil. Any effort by the Chinese to curb inflation through increased interest rates would be expected to exert notable downward pressure on oil prices.
The current national retail average price for a gallon of self-serve regular gasoline is $2.854, down 1.6 cents from a week ago, but up from the national average of $2.629 a year ago.
This week’s average prices: West Virginia Average $2.921
Average price during the week of November 23, 2010 $2.946
Average price during the week of December 1, 2009 $2.671
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.885 Bridgeport
$2.866 Clarksburg
$2.889 Huntington
$2.999 Martinsburg
$2.994 Morgantown
$2.855 Parkersburg
$2.942 Weirton
$2.937 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 2.5 Cents Per Gallon
Special to Huntingtonnews.net
When West Virginia holiday shoppers fill their tanks to head to their favorite mall, they will find gasoline prices have dropped 2.5 cents this week at the pump. The average price for a gallon of self-serve, regular unleaded gasoline is currently $2.921.
According to AAA’s Fuel Gauge, crude oil settled Monday at $81.74, down 34 cents from the opening of formal trading on the NYMEX.
As we’ve seen throughout the year, the decline in crude prices last week had less to do with traditional supply and demand factors, and more to do with strength in the US dollar and the broader economy. As economic growth overseas slows or becomes less stable, the US economy becomes more attractive for investors. This in turn strengthens the US dollar making investors, including those holding foreign currencies, less likely to invest in commodities such as crude, which can tend to apply downward pressure on prices.
Anxiety continued to mount surrounding the solvency of Ireland’s sovereign debt. Yesterday, the European Union and International Monetary Fund agreed to provide loans to Ireland in an effort to help bailout their banking and debt crisis. This news has not completely settled investors’ worries in regard to a financial crisis with broader implications for the continent. In particular, attention is now focusing on Portugal, which many market watchers feel may be the next country needing relief.
The second global story moving the market for the week was speculation that China was considering policies to curb inflation by raising their national interest rate. An interest rate hike by China could slow industrial growth in the region and subsequently reduce Chinese demand for oil. Any effort by the Chinese to curb inflation through increased interest rates would be expected to exert notable downward pressure on oil prices.
The current national retail average price for a gallon of self-serve regular gasoline is $2.854, down 1.6 cents from a week ago, but up from the national average of $2.629 a year ago.
This week’s average prices: West Virginia Average $2.921
Average price during the week of November 23, 2010 $2.946
Average price during the week of December 1, 2009 $2.671
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.885 Bridgeport
$2.866 Clarksburg
$2.889 Huntington
$2.999 Martinsburg
$2.994 Morgantown
$2.855 Parkersburg
$2.942 Weirton
$2.937 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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