The average price of gasoline across Northern West Virginia is three cents cheaper this week at $2.204 per gallon, according to AAA East Central’s Gas Price Report.
On the week, North Carolina (-3 cents), West Virginia (-2 cents), and Maine (+2 cents) saw the largest swings at the pump in the Mid-Atlantic and Northeast states. All other regional state averages increased or decreased by a penny, while others saw no change at all. Gas prices in the region range from $2.00 in Virginia to $2.43 in Pennsylvania.
Stock levels declined for a third week, this time by 1.3 million barrels. At 71 million barrels, total stocks are at their lowest point since May. However, levels are at an 11.5 million barrel year-over-year surplus, according to Energy Information Administration (EIA) data. Regional refinery rates have averaged about 50% since early May, which is helping to keep stock levels at very healthy levels and yielding minimal gas price fluctuation.
This week’s average prices: Northern WV Average $2.204
Average price during the week of July 13, 2020 $2.235
Average price during the week of July 22, 2019 $2.727
The following is a list of the average prices in several West Virginia locations:
On the National Front
The national gas price average held steady on the week at $2.19 as one-third of states saw gas prices decrease and only 10 states saw gas prices increase by two to four cents. State averages saw minimal fluctuation as demand roughly held steady over the last four weeks.
At 8.6 million b/d, the EIA measures demand at a 1% decrease week-over-week, 9% increase month-over-month and a 6% decrease year-over-year. Meanwhile, gasoline stocks measure at a 1% weekly decline, a 3% decrease month-over-month, but a 7% increase compared to last year.
At the end of Friday’s formal trading session, West Texas Intermediate decreased by 16 cents to settle at $40.59 per barrel. Domestic crude prices fell after the EIA’s weekly report revealed that total domestic crude inventories decreased by 7.5 million barrels to 531.7 million barrels. Decreasing crude stocks could mean that crude production is beginning to meet demand, which could help stabilize crude prices this 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 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.