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WV Weekly Fuel update and outlook

Mountain Media, LLC by Mountain Media, LLC
January 2, 2017
in Business News
0

Average retail gasoline prices in West Virginia rose 0.4 cents per gallon last week, averaging $2.31/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 2.7 cents per gallon in the last week to $2.28/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in West Virginia during the past week, prices Dec. 26 were 36.5 cents per gallon higher than the same day one year ago and are 18.3 cents per gallon higher than a month ago. The national average has increased 16.5 cents per gallon during the last month and stands 28.4 cents per gallon higher than that day one year ago.

According to GasBuddy historical data, gasoline prices on Dec.27 in West Virginia have ranged widely over the last five years: $1.95/g in 2015, $2.48/g in 2014, $3.33/g in 2013, $3.38/g in 2012 and $3.34/g in 2011.

Areas near West Virginia and their current gas price climate: Pittsburgh – $2.48/g, up 2.6 cents per gallon from last week’s $2.45/g. Charleston – $2.30/g, flat  from last week’s $2.30/g. Virginia – $2.15/g, up 2.2 cents per gallon from last week’s $2.13/g.

“While the benchmark West Texas Intermediate (WTI) crude closed last week near $53 per barrel, it’s doubtful that we’ll see any momentum this week since trading is generally low volume between Christmas and New Year’s Day.  Similarly, expect the aggressive escalation that we saw for retail gasoline prices through much of December to stall out in the final week of the year,” said Gregg Laskoski, senior petroleum analyst for GasBuddy.

“Overall, the national average price of gas is 28 cents higher than where it was a year ago on this day and prices in most metros and states across the country are higher too; with the remarkable  exception being California whose statewide average today is 13 cents lower than last year and the Los Angeles’ average, believe it or not, is 27 cents less than a year ago,” Laskoski noted.

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