The average price for gasoline across Northern West Virginia is a penny higher this week at $3.354 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: Northern WV Average $3.354
Average price during the week of May 22, 2023 $3.341
Average price during the week of May 31, 2022 $4.484
The following is a list of the average prices in several West Virginia locations:
$3.409 Bridgeport
$3.351 Clarksburg
$3.382 Huntington
$3.377 Martinsburg
$3.311 Morgantown
$3.326 Parkersburg
$3.363 Weirton
$3.313 Wheeling
Trend Analysis:
The seasonal surge in gasoline demand leading into the long holiday weekend resulted in the national average for a gallon of gas rising three cents over the past week to $3.57. The rise in gasoline demand is helping to push pump prices higher, but the increases are tempered by the lower cost of oil, which is currently in the low $70s per barrel. Today’s national average is four cents less than a month ago and $1.04 less than a year ago.
According to new data from the Energy Information Administration (EIA), gas demand increased from 8.91 to 9.43 million barrels per day last week. Rising demand has helped to boost pump prices. Meanwhile, total domestic gasoline stocks decreased by 2 million barrels to 216.3 million barrels.
At the close of Wednesday’s formal trading session, West Texas Intermediate increased by $1.43 to settle at $74.34. Oil prices rose amid growing market optimism that energy demand is rebounding. However, price increases were capped due to the market expecting another interest rate increase from the U.S. Federal Reserve, which could result in the economy tipping into a recession. Additionally, the EIA reported that total domestic commercial crude inventories decreased significantly by 12.4 million barrels to 455.2 million barrels last week.
Motorists can find current gas prices nationwide, statewide, and countywide at gasprices.aaa.com.