Dec. 15, 2010
AAA FUEL GAUGE: West Virginia Gasoline Prices Hold Steady
Special to Huntingtonnews.net
West Virginia gas prices rose only a half penny a gallon this week at the pump. The average price for a gallon of self-serve, regular unleaded gasoline is currently $3.031.
According to AAA’s Fuel Gauge, crude oil prices settled Monday at $88.61, a modest gain of 82 cents on the day, but a decline of 77 cents from the multi-year high of a week ago.
As the economic climate overseas becomes less stable, investors view the United States as a safe-haven and the US dollar strengthens. When the dollar strengthens, investors, including those holding foreign currencies, are less likely to invest in commodities, including crude, which pressures prices down. This news pointed oil prices lower until initial US jobless claims showed a larger than expected reduction, and the market rode this sign of domestic economic health to regain some upward momentum.
Entering the weekend, the markets turned their focus to two major global economic stories: Saturday’s OPEC meeting and a potential announcement that China would be increasing its interest rates. Speculation that, in the face of increased crude prices, OPEC might increase production to achieve the $70-80 range the council had previously deemed favorable, along with concern of that China would move to curb rampant inflation by slowing growth, were enough to convince some investors that it was a good time to take profits on Friday. Inaction over the weekend on both fronts, however, brought back the bulls to open trading today and the day ended with modest gains.
The current national retail average price for a gallon of self-serve regular gasoline is $2.979, up 2.1 cents more than a week ago, nine cents more than a month ago, and 37 cents more than a year ago.
This week’s average prices: West Virginia Average $3.031
Average price during the week of December 7, 2010 $3.026
Average price during the week of December 15, 2009 $2.630
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.999 Bridgeport
$3.003 Clarksburg
$2.970 Huntington
$3.099 Martinsburg
$3.081 Morgantown
$2.993 Parkersburg
$3.064 Weirton
$3.041 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 Hold Steady
Special to Huntingtonnews.net
West Virginia gas prices rose only a half penny a gallon this week at the pump. The average price for a gallon of self-serve, regular unleaded gasoline is currently $3.031.
According to AAA’s Fuel Gauge, crude oil prices settled Monday at $88.61, a modest gain of 82 cents on the day, but a decline of 77 cents from the multi-year high of a week ago.
As the economic climate overseas becomes less stable, investors view the United States as a safe-haven and the US dollar strengthens. When the dollar strengthens, investors, including those holding foreign currencies, are less likely to invest in commodities, including crude, which pressures prices down. This news pointed oil prices lower until initial US jobless claims showed a larger than expected reduction, and the market rode this sign of domestic economic health to regain some upward momentum.
Entering the weekend, the markets turned their focus to two major global economic stories: Saturday’s OPEC meeting and a potential announcement that China would be increasing its interest rates. Speculation that, in the face of increased crude prices, OPEC might increase production to achieve the $70-80 range the council had previously deemed favorable, along with concern of that China would move to curb rampant inflation by slowing growth, were enough to convince some investors that it was a good time to take profits on Friday. Inaction over the weekend on both fronts, however, brought back the bulls to open trading today and the day ended with modest gains.
The current national retail average price for a gallon of self-serve regular gasoline is $2.979, up 2.1 cents more than a week ago, nine cents more than a month ago, and 37 cents more than a year ago.
This week’s average prices: West Virginia Average $3.031
Average price during the week of December 7, 2010 $3.026
Average price during the week of December 15, 2009 $2.630
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.999 Bridgeport
$3.003 Clarksburg
$2.970 Huntington
$3.099 Martinsburg
$3.081 Morgantown
$2.993 Parkersburg
$3.064 Weirton
$3.041 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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