AAA FUEL GAUGE: West Virginia gasoline prices decrease four cents

Special to HuntingtonNews.Net
 AAA FUEL GAUGE: West Virginia gasoline prices decrease four cents

Gas prices in West Virginia decreased four cents this week. The average price for a gallon of self-serve, regular unleaded gasoline is $3.173.

According to AAA’s Fuel Gauge, crude oil prices were down 77 cents on Monday, settling at $84.81 at the close of formal trading on the NYMEX. This marks a $2.67 retreat in prices from last week.

Much of the world’s attention has remained focused on Egypt. While Egypt isn’t one of the world’s largest oil producers, it is a key point of transit for global oil supply as home to both the Suez Canal and the Suez-Mediterranean (Sumed) pipeline. Any disruption to these channels would likely spell higher oil prices. There is also a chance that this unrest might spread to Egypt’s oil-rich neighbors.

The majority of global oil demand growth over the next several decades is projected to be driven by Asia, with more than half of that growth coming from China alone.  As Chinese growth slows, investors will be less likely to invest in commodities, including crude, which pressures prices down.  A recent increase in Chinese interest rates exerted some downward pressure and global oil prices fell.

Despite another week of bearish fundamental data for gasoline, including stocks hitting a 20-year high, the price at the pump has done little more than slow its steady climb of the last several months. As of today, the current national retail average price for a gallon of self-serve regular gasoline is $3.124.  This is down fractions of a cent from yesterday, but up almost a penny from week ago, up 2.4 cents from a month ago, and 51.4 cents from a year ago.

This week’s average prices: West Virginia Average                       $3.173

Average price during the week of February 8, 2011                      $3.213

Average price during the week of February 16, 2010                    $2.643

The following is a list of the average price of unleaded self-serve gasoline in various areas:

















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.