The average price for gasoline across Northern West Virginia is six cents lower this week at $3.408 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: Northern WV Average $3.408
Average price during the week of Maya 1, 2023 $3.466
Average price during the week of May 9, 2022 $4.153
The following is a list of the average prices in several West Virginia locations:
$3.475 Bridgeport
$3.422 Clarksburg
$3.422 Huntington
$3.481 Martinsburg
$3.361 Morgantown
$3.331 Parkersburg
$3.389 Weirton
$3.382 Wheeling
Trend Analysis:
The price for oil has dropped nearly $20 per barrel recently to the upper $60s, which has resulted in gas prices trending lower. The national average for a gallon of regular gasoline has fallen eight cents since last week to hit $3.53. Today’s national average is six cents less than a month ago and 78 cents lower than a year ago.
At the close of Wednesday’s formal trading session, West Texas Intermediate decreased by $3.06 to settle at $68.60. Oil prices decreased amid ongoing market concerns that rising interest rates will tip the economy into a recession. Additionally, the Energy Information Administration (EIA) reported that total domestic commercial crude inventories decreased by 1.3 million barrels to 459.6 million barrels last week.
According to new data from the EIA, gas demand decreased significantly from 9.51 to 8.62 million barrels per day last week. The drop in demand is more in line with what market observers expected last week. Meanwhile, total domestic gasoline stocks increased by 1.8 million barrels to 222.9 million barrels. Lower demand, alongside an increase in stocks, has contributed to pushing pump prices lower.
Motorists can find current gas prices nationwide, statewide, and countywide at gasprices.aaa.com.
