Feb. 1 – Average retail gasoline prices in West Virginia have fallen 2.6 cents per gallon in the past week, averaging $1.80/g yesterday, according to GasBuddy’s daily survey of 1,154 gas outlets in West Virginia. This compares with the national average that has fallen 2.5 cents per gallon in the last week to $1.80/g, according to gasoline price website GasBuddy.com.
Including the change in gas prices in West Virginia during the past week, prices yesterday were 33.6 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 19.8 cents per gallon during the last month and stands 25.3 cents per gallon lower than this day one year ago.
According to GasBuddy historical data, gasoline prices on Feb. 1 in West Virginia have ranged widely over the last five years: $2.14/g in 2015, $3.34/g in 2014, $3.61/g in 2013, $3.53/g in 2012 and $3.15/g in 2011.
Areas nearby West Virginia and their current gas price climate:
• Pittsburgh – $2.00/g, down 4.9 cents per gallon from last week’s $2.05/g.
• Charleston – $1.82/g, down 2.3 cents per gallon from last week’s $1.84/g.
• Virginia – $1.66/g, down 2.5 cents per gallon from last week’s $1.68/g.
“February looks to start the month with gasoline prices averaging under $1.80/gallon nationally, the lowest level since Jan. 16, 2009,” said Patrick DeHaan, GasBuddy.com senior petroleum analyst. “Crude oil prices have rebounded back above $30 per barrel in the last two weeks and with more talk of an organized cut in oil output between some of the world’s largest producers, there may be more upside potential in the future, should those talks pan out. For now, due to a lag time from rising oil prices, gasoline prices in many areas may continue to drift lower, but don’t be caught by surprise if in a few weeks they revert and move higher. Refiners have already begun some winter maintenance, and while supply of winter gasoline is abnormally high, once that inventory is liquidated, I fully expect gasoline prices to march higher,” DeHaan said.