The average price for gasoline across Northern West Virginia is 14 cents higher this week at $3.595 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: Northern WV Average $3.595
Average price during the week of April 3, 2023 $3.453
Average price during the week of April 11, 2022 $3.930
The following is a list of the average prices in several West Virginia locations:
$3.620 Bridgeport
$3.618 Clarksburg
$3.613 Huntington
$3.636 Martinsburg
$3.556 Morgantown
$3.605 Parkersburg
$3.554 Weirton
$3.559 Wheeling
Trend Analysis:
OPEC’s announcement last weekend that it will cut production by over a million barrels per day took the oil market by surprise. In response, crude immediately surged well above $80 a barrel, although it has since struggled to stay above that mark. Meanwhile, the national average for a gallon of regular gasoline rose 10 cents since last week to hit $3.60. Today’s national average is 13 cents more than a month ago but 51 cents less than a year ago.
According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 9.15 to 9.3 million barrels per day last week. Meanwhile, total domestic gasoline stocks decreased substantially by 4.1 million barrels to 222.6 million barrels. Increased demand amid tighter supply has contributed to pushing pump prices higher.
At the close of Wednesday’s formal trading session, West Texas Intermediate decreased by 10 cents to settle at $80.61. Oil prices declined slightly due to market concerns that a recession could occur this year. Earlier in the week, crude prices spiked after the Organization of Petroleum Exporting Countries and its allies, including Russia, collectively known as OPEC+, announced it would cut production by 1.6 million barrels starting next month for the remainder of 2023. Additionally, the EIA reported that total domestic commercial crude inventories decreased by 3.7 million barrels to 470 million barrels last week.
Motorists can find current gas prices nationwide, statewide, and countywide at gasprices.aaa.com.
AAA East Central is a not-for-profit association with 70 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.