West Virginia weekly fuel update and outlook

Average retail gasoline prices in West Virginia have fallen 3.3 cents per gallon in the past week, averaging $2.27/g on July 17, according to GasBuddy’s daily survey of 1,154 gas outlets in West Virginia. This compares with the national average that has fallen 1.6 cents per gallon in the last week to $2.20/g, according to gasoline price website GasBuddy.com.
Including the change in gas prices in West Virginia during the past week, price on July 17 were 47.8 cents per gallon lower than the same day one year ago and are 15.1 cents per gallon lower than a month ago. The national average has decreased 13.8 cents per gallon during the last month and stands 55.7 cents per gallon lower than that day one year ago.
According to GasBuddy historical data, gasoline prices on July 18 in West Virginia have ranged widely over the last five years: $2.75/g in 2015, $3.70/g in 2014, $3.64/g in 2013, $3.47/gin 2012 and $3.68/g in 2011.
Areas nearby West Virginia and their current gas price climate: Pittsburgh – $2.47/g, down 2.8 cents per gallon from last week’s $2.50/g.; Charleston – $2.35/g, down 3.2 cents per gallon from last week’s $2.39/g.; Virginia – $2.00/g, down 3.5 cents per gallon from last week’s $2.04/g.
“Summer travel is up, and yet, gas prices continue to decline? We know that seems perplexing for many, but that’s exactly what’s happening and it all comes down to those most basic fundamentals: supply and demand,” said Gregg Laskoski, senior petroleum analyst forGasBuddy.com.
“Despite fuel consumption near record levels, U.S. gasoline inventory recently reached the highest July level ever recorded (240.1 million bbl) and, concurrently, the national average has continued its consistent decline,” he added.