AAA FUEL GAUGE: On the Way to $4 a Gallon, Gasoline Prices Jump 6.6 Cents in West Virginia

Special to HuntingtonNews.Net
AAA FUEL GAUGE: On the Way to $4 a Gallon, Gasoline Prices Jump 6.6 Cents in West Virginia

It will cost motorists an additional 6.6 cents a gallon this week when they pull up to the pump in West Virginia.

The average price for a gallon of self-serve, regular unleaded gasoline is currently $3.815.

According to AAA’s Fuel Gauge, after breaking through the $110 per barrel threshold last Thursday, crude oil ended last week at $112.79 heading into the weekend.  This marked a nearly $5 increase for the week and the highest price since September 22, 2008.  While attention remains focused on the Middle East and Northern Africa (MENA), news of peace talks in Libya and rumblings of demand destruction entering the market caused investors pause as crude oil settled down $2.87 at $109.92 at the close of formal trading Monday on the NYMEX.  This marks the largest single-day decline since March 15 when prices dropped sharply as global financial markets weathered the impact of economic fallout from the March 11 earthquake and tsunami in Japan.

MENA unrest continues to be the primary focus of the crude oil market; however, weakness in the U.S. dollar has also contributed to rising crude prices this past week.  When the dollar weakens, investors, including those holding foreign currencies, are more likely to invest in U.S. commodities, including crude, which pressure prices upward.

The run-up in crude oil prices last week was mimicked by the price of gasoline at the pump and compounded by continued change from winter-blend to summer-blend gasoline taking place in many parts of the country.  The current national retail average price for a gallon of self-serve regular gasoline is $3.791.  This is up 10.6 cents from a week ago, 23.4 cents from a month ago, 93.1 from a year ago and a whopping 71.8 increase since the beginning of the year.

 This week’s average prices: West Virginia Average                      $3.815

Average price during the week of April 5, 2011                             $3.749

Average price during the week of April 13, 2010                           $2.891

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

 

$3.816

Bridgeport

$3.804

Clarksburg

$3.799

Huntington

$3.899

Martinsburg

$3.795

Morgantown

$3.788

Parkersburg

$3.790

Weirton

$3.830

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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