The average price of gasoline across Northern West Virginia is nine cents higher this week at $2.079 per gallon, according to AAA East Central’s Gas Price Report.
While pump price volatility in the Mid-Atlantic and Northeast region is low compared to other regions, there were significant pump price jumps on the week. West Virginia ($2.03) and Virginia ($1.86) saw the largest increases at nine cents and seven cents, respectively, followed by Maryland (+7 cents) and Kentucky. New York (+1 cent), which just started to open from COVID-19 lockdowns in the last week, saw the smallest increase.
With a nearly 1-million-barrel build, regional gasoline inventory sits at 75.1 million barrels, according to Energy Information Administration (EIA) data. That is the second highest stock level in the country and the highest level for the region since February 2017. It’s likely the region could see continued spikes at the pump in the week ahead as demand builds and motorists return to the road in larger numbers.
This week’s average prices:
Northern WV Average $2.074
Average price during the week of June 8, 2020 $1.987
Average price during the week of June 17, 2019 $2.564
The following is a list of the average prices in several West Virginia locations:
On the National Front
As summer creeps in and COVID-19 restrictions are easing, more and more motorists are filling up. Since mid-May, gasoline demand has increased 18% to 7.9 million b/d, according to the latest EIA report. The slow, but steady rise in demand has pushed the national pump price more expensive by 13% in the same timeframe. Today’s national average is $2.10. That is seven cents more on the week, 24 cents more on the month, but 59 cents cheaper on the year.
It is likely that as more Americans begin to consume gas, higher demand will contribute to increasing gas prices in the coming weeks. However, they aren’t going to spike to typical summer prices, since demand won’t be sufficient enough to drive down stocks levels. Nationwide, gasoline stocks sit at a significant surplus of nearly 24 million barrels year-over-year.
At the end of Friday’s formal trading session, West Texas Intermediate decreased by eight cents to settle at $36.34 per barrel. Domestic crude prices decreased last week amid increased market concern that an increase in new coronavirus infections could lead to another reduction in crude demand. Additionally, the EIA’s weekly report showed that total domestic crude inventories grew by 5.7 million barrels last week, bringing the total to 538.1 million bbl. The increase in crude supplies also helped to push prices lower, since it signals that domestic crude production may need to reduce further to meet lower than normal demand. If these trends continue this week, crude prices could decline further.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 78 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.
For More Information, Contact: Jim Garrity, Public and Legislative Affairs Manager Desk: 412-365-7274 / Cell: 412-905-9021 / Email: [email protected]