West Virginia weekly fuel update and outlook

Including the change in gas prices in West Virginia during last week, prices on Dec. 18 were 33.3 cents per gallon higher than the same day one year ago and are 16.8 cents per gallon higher than a month ago.

Average retail gasoline prices in West Virginia rose 5.0 cents per gallon last week, averaging $2.30/g Dec. 18, according to GasBuddy’s daily survey of 1,154 gas outlets in West Virginia. This compares with the national average that has increased 3.1 cents per gallon in the same week to $2.24/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in West Virginia during last week, prices on Dec. 18 were 33.3 cents per gallon higher than the same day one year ago and are 16.8 cents per gallon higher than a month ago. The national average has increased 10.2 cents per gallon during the last month and stands 24.5 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on Dec. 19 in West Virginia have ranged widely over the last five years:$1.97/g in 2015, $2.62/g in 2014, $3.30/g in 2013, $3.34/g in 2012 and $3.32/g in 2011.

Areas near West Virginia and their current gas price climate: Pittsburgh – $2.45/g, up 1.8 cents per gallon from last week’s $2.43/g. Charleston – $2.28/g, up 2.8 cents per gallon from last week’s $2.26/g. Virginia – $2.12/g, up 1.7 cents per gallon from last week’s $2.11/g.

“With West Texas Intermediate crude oil holding over $50 per barrel for the last several weeks, gasoline prices have moved higher in a majority of the country,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “Some 39 states saw average gasoline prices rise last week, and this week may see a similar fate at the pump as retail gasoline prices continue to play a game of catch up to the three week rally in oil prices.”

“Meanwhile, it was just a year ago when the national average gas price fell under $2 per gallon for the first time since 2009, a feat unlikely to be repeated anytime soon, thanks to November’s crude oil production cuts from OPEC, joined by production cuts from non-OPEC countries shortly thereafter. In fact, we’re on par to see the largest December increase in gasoline prices nationally since 2010 due to the uptick in oil prices. However, those looking for respite from rising gas prices will be happy to know that prices will likely fall, at least temporarily, starting in mid-January through Valentine’s Day as refiners begin discounting excess inventories of winter-grade fuel,” DeHaan added.

 

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