The average price for gasoline across Northern West Virginia is 11 cents higher this week at $3.508 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: Northern WV Average $3.508
Average price during the week of June 12, 2023 $3.392
Average price during the week of June 21, 2022 $4.932
The following is a list of the average prices in several West Virginia locations:
$3.506 Bridgeport
$3.531 Clarksburg
$3.501 Huntington
$3.511 Martinsburg
$3.544 Morgantown
$3.483 Parkersburg
$3.495 Weirton
$3.491 Wheeling
Trend Analysis:
As summer begins, drivers are finding prices significantly lower than last year. Lackluster demand and low oil costs are keeping gas prices relatively stable. The national average for a gallon of gas fell two cents since last week to $3.57. That’s $1.41 less than a year ago with 20 gallons of gas costing nearly $30 less than last year.
According to new data from the Energy Information Administration (EIA), gas demand decreased slightly from 9.22 to 9.19 million barrels per day last week. Meanwhile, total domestic gasoline stocks increased by 2.1 million barrels to 220.9 million barrels. Lower gas demand amid increasing supply has helped to limit pump price increases.
At the close of Wednesday’s formal trading session, West Texas Intermediate decreased by $1.15 to settle at $68.27. Oil prices declined due to market concerns about the U.S. Federal Reserve resuming interest rate increases, which could tip the economy into a recession. Additionally, the EIA reported that total domestic commercial crude inventories increased significantly by 7.9 million barrels to 467.1 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 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.