The average price for gasoline across Northern West Virginia is seven cents higher this week at $3.358 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: Northern WV Average $3.358
Average price during the week of July 10, 2023 $3.289
Average price during the week of July 18, 2022 $4.508
The following is a list of the average prices in several West Virginia locations:
Despite a notable cratering in gas demand in the days since the July Fourth holiday, pump prices crept higher over the past week in most of the country. Today’s national average of $3.565 is two cents more than a week ago, one cent less than a month ago and 97 cents lower than a year ago.
The main culprit is a higher price for oil, which moved from the upper $60s per barrel recently to the mid-$70s. Oil prices have increased partly due to rising market optimism that fewer interest rate hikes may be on the horizon. At the close of last Wednesday’s formal trading session, WTI increased by 92 cents to settle at $75.75.
According to new data from the Energy Information Administration (EIA), gas demand decreased significantly from 9.6 to 8.76 million b/d last week. Meanwhile, total domestic gasoline stocks stayed flat at 219.5 million barrels. Although lower gas demand typically pushes pump prices lower, rising oil prices have lifted them. If oil prices continue to rise, pump prices will likely follow suit.
Motorists can find current gas prices nationwide, statewide, and countywide at gasprices.aaa.com.
AAA East Central is a not-for-profit association with 69 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members. News releases are available at news.eastcentral.aaa.com. Follow us on Twitter and Facebook.