The average price for gasoline across Northern West Virginia is nine cents higher this week at $3.653 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: Northern WV Average $3.653
Average price during the week of September 11, 2023 $3.561
Average price during the week of September 19, 2022 $3.436
The following is a list of the average prices in several West Virginia locations:
$3.688 Bridgeport
$3.679 Clarksburg
$3.576 Huntington
$3.739 Martinsburg
$3.667 Morgantown
$3.635 Parkersburg
$3.662 Weirton
$3.581 Wheeling
Trend Analysis:
The national average for a gallon of gas rose by a nickel since last week to hit $3.88. The primary reason is the surge in oil costs, which have jumped several dollars to hover around $90 per barrel. Today’s national average is a penny higher than a month ago and 21 cents more than a year ago.
According to new data from the Energy Information Administration (EIA), gas demand decreased significantly from 9.32 to 8.31 million barrels per day last week. Meanwhile, total domestic gasoline stocks jumped from 214.7 to 220.3 million barrels. Although gas demand has dropped amid increasing stocks, elevated oil prices have pushed pump prices higher.
At the close of Wednesday’s formal trading session, West Texas Intermediate decreased by 32 cents to settle at $88.52. Oil prices fell after EIA reported that total domestic commercial crude inventories increased by 4 million barrels to 420.6 million barrels. However, earlier in the week, crude prices rallied amid ongoing market concern that global oil supply will remain tight for the remainder of 2023. According to the International Energy Agency’s September Oil Market Report, production cuts from Saudi Arabia and other members of OPEC will lead to an oil supply shortfall this fall and winter.
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.