AAA FUEL GAUGE: West Virginia Gasoline Prices Drop More Than 3 Cents Per Gallon
By Huntingtonnews.net Staff
The cost for a gallon of self-serve, regular unleaded gasoline in West Virginia dropped 3.5 cents this week. The current average price at the pump is $2.663.
According to AAA’s Fuel Gauge, oil prices struggled Monday, Aug. 23 after briefly rising above $74 per barrel on the NYMEX, and then settling to $73.10, sustaining a loss of 72 cents.
As oil prices continue to search for direction, they remain tethered to the equities markets. Stocks began the day with a rally similar to crude oil, only to fluctuate over the course of the afternoon in response to poor economic news.
The National Association of Realtors announced over 27 percent drop in sales of existing homes, the biggest monthly drop this year. Further clouding the hopes for economic recovery is an increase in first-time jobless claims for the third straight month, with August putting claim numbers at their highest level since last November. These developments also are leading to heightened debate among economists as to the possibility of a “double dip” recession.
As concerns about the strength of the economic recovery linger, prices have remained steady in the $70 and $80 per barrel range. Earlier this month crude prices hit their peak to date on August 4, reaching $82.97 per barrel, but weak demand, very high crude inventory levels, and general consumer uneasiness have proven to be too great an impediment to sustaining that level. The good news for consumers is an extremely stable and relatively modest price at the pump.
The national average for a gallon of self-serve regular gasoline is $2.702, down four cents from a week ago.
This week’s average prices: West Virginia Average $2.663
Average price during the week of August 17, 2010 $2.698
Average price during the week of August 25 2009 $2.621
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.567 Bridgeport
$2.650 Clarksburg
$2.691 Huntington
$2.699 Martinsburg
$2.696 Morgantown
$2.658 Parkersburg
$2.684 Weirton
$2.660 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.