June 24, 2009
AAA FUEL GAUGE: WV Gasoline Prices Down 2.4 Cents from Last Week
Special to Huntingtonnews.net
The average price at the pump for a gallon of regular, unleaded gasoline in West Virginia is currently $2.692. This is a decrease of 2.4 cents per gallon from last week.
According to the AAA Fuel Gauge, the nearly two month long run up in gasoline and oil prices changed course Monday, June 22, 2009 as retail gasoline prices fell nearly half a cent and oil for August delivery closed down $2.70 at $67.32 per barrel. The drop in the nationwide average retail gasoline price marks the first such fall in 55 days. Today, the national average retail price for one gallon of self serve regular now stands at $2.697.
Prices have largely been rallying on investor hopes of a robust economic recovery. The market’s reality check came in the form of a World Bank forecast of global economic growth that predicted the global economy would contract at a rate of 2.9% for 2009 – the worst such contraction on record. The forecast reminded investors of the depth of the global recession and traders of the fact that market fundamentals do not support the recent run up in oil and gasoline prices.
Late last week, the Federal Highway Administration released data that indicated Americans drove approximately a half a percent more this April than in April 2008.
Where oil and retail gasoline prices head from here is largely dependent on the economy and investor perception of the pace of economic activity. If investors feel the economy will soon turn around the price of oil and gasoline will rebound.
Another major news story to watch that may impact oil prices is the ongoing post-election unrest in Iran. The country, which is OPEC’s second largest producer, has been witnessing unrest sparked by suspect election results and the current government’s violent attempts to quell political protests. If it persists, the unrest may make investors nervous about long term oil supply issues. That said, the significant glut of supply may help temper the impact of such geopolitical events, which historically have caused price spikes, in the short term.
For information on the cheapest gasoline in your local area, visit www.AAA.com and click on "gas prices."
This week’s average prices: West Virginia Average . . . . . . . . . . . . . $2.716
Average price during the week of June 16, 2009 . . . . . . . . . . . . . . . . $2.706
Average price during the week of June 24, 2008 . . . . . . . . . . . . . . . . $4.057
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.630 Bridgeport
$2.679 Clarksburg
$2.757 Huntington
$2.601 Martinsburg
$2.756 Morgantown
$2.699 Parkersburg
$2.699 Weirton
$2.717 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: WV Gasoline Prices Down 2.4 Cents from Last Week
Special to Huntingtonnews.net
The average price at the pump for a gallon of regular, unleaded gasoline in West Virginia is currently $2.692. This is a decrease of 2.4 cents per gallon from last week.
According to the AAA Fuel Gauge, the nearly two month long run up in gasoline and oil prices changed course Monday, June 22, 2009 as retail gasoline prices fell nearly half a cent and oil for August delivery closed down $2.70 at $67.32 per barrel. The drop in the nationwide average retail gasoline price marks the first such fall in 55 days. Today, the national average retail price for one gallon of self serve regular now stands at $2.697.
Prices have largely been rallying on investor hopes of a robust economic recovery. The market’s reality check came in the form of a World Bank forecast of global economic growth that predicted the global economy would contract at a rate of 2.9% for 2009 – the worst such contraction on record. The forecast reminded investors of the depth of the global recession and traders of the fact that market fundamentals do not support the recent run up in oil and gasoline prices.
Late last week, the Federal Highway Administration released data that indicated Americans drove approximately a half a percent more this April than in April 2008.
Where oil and retail gasoline prices head from here is largely dependent on the economy and investor perception of the pace of economic activity. If investors feel the economy will soon turn around the price of oil and gasoline will rebound.
Another major news story to watch that may impact oil prices is the ongoing post-election unrest in Iran. The country, which is OPEC’s second largest producer, has been witnessing unrest sparked by suspect election results and the current government’s violent attempts to quell political protests. If it persists, the unrest may make investors nervous about long term oil supply issues. That said, the significant glut of supply may help temper the impact of such geopolitical events, which historically have caused price spikes, in the short term.
For information on the cheapest gasoline in your local area, visit www.AAA.com and click on "gas prices."
This week’s average prices: West Virginia Average . . . . . . . . . . . . . $2.716
Average price during the week of June 16, 2009 . . . . . . . . . . . . . . . . $2.706
Average price during the week of June 24, 2008 . . . . . . . . . . . . . . . . $4.057
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.630 Bridgeport
$2.679 Clarksburg
$2.757 Huntington
$2.601 Martinsburg
$2.756 Morgantown
$2.699 Parkersburg
$2.699 Weirton
$2.717 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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