Feb. 3, 2010
AAA FUEL GAUGE: WV Gasoline Prices Drop More Than Five Cents Per Gallon
Special to Huntingtonnews.net
Motorists in West Virginia will be paying 5.4 cents less this week for a gallon of regular, unleaded gasoline. The average price at the pump is $2.692. The national average price is $2.661.
According to the AAA Fuel Gauge, the price of oil closed Monday, Feb. 1 at $74.44 per barrel on the New York Mercantile Exchange.
Tensions were raised on the markets on news a Nigerian separatist group attacked a pipeline, shutting down oil production at three pumping stations and effectively ending a yearlong cease fire. Also adding to the unease was President Obama’s decision to bolster U.S. naval presence in the Persian Gulf.
Dollar weakness emerged again as a factor pushing oil prices higher. While the influence of the regular fluctuations of the dollar on oil prices is nothing new, the markets have recently been faced with some surprisingly positive economic data over the course of the past week.
News Monday indicated that U.S. manufacturing activity grew for a sixth straight month in January to its highest point since 2004. This suggests manufacturing activity is solidly increasing. The U.S. manufacturing index rose to 58.4 in January – anything over 50 is considered growth – up from 54.9 in December. International manufacturing activity, particularly in Europe, has also seen solid strengthening in recent weeks.
The broader economic picture, particularly as it relates to oil and gasoline prices, remains decidedly mixed. Construction spending, another key factor in gauging demand for oil, fell sharply in December of last year, and consumer spending has also failed to meet expectations. Both new and existing home sales data has been disappointing. Unemployment, barring a stunning surprise, will remain around 10 percent in the near future as well. All told, there is still a fair amount of climbing to do before the recovery fully takes root and oil and gasoline demand return in a meaningful way. As indicated last week, as long as the broader set of economic data remains mixed there will continue to be some measure of downward pressure on oil and gasoline prices.
This week’s average prices: West Virginia Average . . . . . . . . . . $2.692
Average price during the week of January 26, 2010 . . . . . . . . . . $2.746
Average price during the week of February 3, 2009 . . . . . . . . . . . $1.891
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.660 Bridgeport
$2.676 Clarksburg
$2.711 Huntington
$2.694 Martinsburg
$2.770 Morgantown
$2.610 Parkersburg
$2.731 Weirton
$2.683 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 Drop More Than Five Cents Per Gallon
Special to Huntingtonnews.net
Motorists in West Virginia will be paying 5.4 cents less this week for a gallon of regular, unleaded gasoline. The average price at the pump is $2.692. The national average price is $2.661.
According to the AAA Fuel Gauge, the price of oil closed Monday, Feb. 1 at $74.44 per barrel on the New York Mercantile Exchange.
Tensions were raised on the markets on news a Nigerian separatist group attacked a pipeline, shutting down oil production at three pumping stations and effectively ending a yearlong cease fire. Also adding to the unease was President Obama’s decision to bolster U.S. naval presence in the Persian Gulf.
Dollar weakness emerged again as a factor pushing oil prices higher. While the influence of the regular fluctuations of the dollar on oil prices is nothing new, the markets have recently been faced with some surprisingly positive economic data over the course of the past week.
News Monday indicated that U.S. manufacturing activity grew for a sixth straight month in January to its highest point since 2004. This suggests manufacturing activity is solidly increasing. The U.S. manufacturing index rose to 58.4 in January – anything over 50 is considered growth – up from 54.9 in December. International manufacturing activity, particularly in Europe, has also seen solid strengthening in recent weeks.
The broader economic picture, particularly as it relates to oil and gasoline prices, remains decidedly mixed. Construction spending, another key factor in gauging demand for oil, fell sharply in December of last year, and consumer spending has also failed to meet expectations. Both new and existing home sales data has been disappointing. Unemployment, barring a stunning surprise, will remain around 10 percent in the near future as well. All told, there is still a fair amount of climbing to do before the recovery fully takes root and oil and gasoline demand return in a meaningful way. As indicated last week, as long as the broader set of economic data remains mixed there will continue to be some measure of downward pressure on oil and gasoline prices.
This week’s average prices: West Virginia Average . . . . . . . . . . $2.692
Average price during the week of January 26, 2010 . . . . . . . . . . $2.746
Average price during the week of February 3, 2009 . . . . . . . . . . . $1.891
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.660 Bridgeport
$2.676 Clarksburg
$2.711 Huntington
$2.694 Martinsburg
$2.770 Morgantown
$2.610 Parkersburg
$2.731 Weirton
$2.683 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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