Average retail gasoline prices in West Virginia have risen 8.2 cents per gallon in the past week, averaging $2.29/g yesterday, according to GasBuddy’s daily survey of 1,154 gas outlets in West Virginia. This compares with the national average that has increased 8.1 cents per gallon in the last week to $2.22/g, according to gasoline price website GasBuddy.com.
Including the change in gas prices in West Virginia during the past week, prices yesterday were 25.3 cents per gallon lower than the same day one year ago and are 28.3 cents per gallon higher than a month ago. The national average has increased 15.9 cents per gallon during the last month and stands 39.3 cents per gallon lower than this day one year ago.
According to GasBuddy historical data, gasoline prices on May 2 in West Virginia have ranged widely over the last five years: $2.54/g in 2015, $3.74/g in 2014, $3.67/g in 2013, $3.85/g in 2012 and $4.04/g in 2011.
Areas nearby West Virginia and their current gas price climate: Pittsburgh – $2.37/g, up 7.3 cents per gallon from last week’s $2.29/g; Charleston – $2.33/g, up 8.7 cents per gallon from last week’s $2.25/g; Virginia – $2.05/g, up 8.1 cents per gallon from last week’s $1.97/g.
“Gasoline and oil prices have set new yearly highs as the imbalance of supply and demand may begin to shift as global oil production shows signs of slowing and gasoline demand is accelerating. While oil inventories in the U.S. remain well-supplied for now, they are likely to start receding as refiners begin throttling up their operations after maintenance season. Americans appear ripe to consume near record levels of gasoline, if not the highest levels ever this summer with some of the lowest summer prices seen in ten years or so,” said Patrick DeHaan, a Chicago-based senior petroleum analyst for GasBuddy.
“Gasoline prices in all fifty states saw a rise over the last week- an average of over 8 cents. While we may not see as such a sharp rise this week, we aren’t out of the woods just yet. Gasoline prices may continue inching up until Memorial Day – a major test if refiners are well-prepared for the summer driving season,” DeHaan added.