AAA FUEL GAUGE: WV Gasoline Prices Up Seven Cents
Special to Huntingtonnews.net
West Virginia motorists should carry some extra change to the pump this week since gas prices have increased seven cents per gallon to $2.724.
According to the AAA Fuel Gauge, oil prices fell from six week highs Monday under the weight of renewed dollar strength and mixed economic news. Oil closed down 97 cents to end the trading day at $78.69 on the New York Mercantile Exchange.
Two major factors continue to be the primary influencers over the direction of oil prices: the state of the economic recovery and the strength of the US dollar. With regards to the broader US economy, the data continues to be mixed. Manufacturing activity for February was up, though less than anticipated as investors continue to look for signs of a strong recovery. Consumer spending, another gauge of economic activity, was slightly more positive and was reported as being up half a percentage point in January. As economic activity increases, so will demand for energy sources like oil and gasoline.
The primary factor in Monday’s oil price movement was the US dollar, which has shown some strength in recent trading days, particularly against the euro. With oil prices hovering near the $80 bandwidth for several days now, motorists are no doubt noticing slightly higher gas prices at the pump.
At this time of year seasonal demand trends tend to exert their influence on retail prices. Historically, retail prices climb as the spring driving season approaches. March marks the start of maintenance season for many refineries operating in the United States. Additionally, the switch over to summer blended fuels is just around the corner as well.
Gasoline prices maintained a 10 cent band nationally during the month of February, staying between $2.61 and $2.71 for the entire month. The national average retail price for regular unleaded gasoline is 2.703, up four cents since last Tuesday.
This week’s average prices: West Virginia Average . . . . . . . . . . $2.724
Average price during the week of February 23, 2010 . . . . . . . . . $2.656
Average price during the week of March 3, 2009 . . . . . . . . . . . . . $1.952
The following is a list of the average price of unleaded self-serve gasoline in various areas:
2.699 Bridgeport
2.688 Clarksburg
2.660 Huntington
2.853 Martinsburg
2.792 Morgantown
2.612 Parkersburg
2.742 Weirton
2.722 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.