AAA: Gas Prices Drop in West Virginia; National Average Dips for the First Time in Months
The average price of gasoline across Northern West Virginia is five cents lower this week at $2.734 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: Northern WV Average $2.734
Average price during the week of March 22, 2021 $2.781
Average price during the week of March 30, 2020 $1.905
The following is a list of the average prices in several West Virginia locations:
At $2.86, the national average has decreased week-over-week for the first time since November of last year. Today’s average is two cents cheaper on the week. Since last Monday, 45 states also saw their averages decrease or no change at the pump.
Growing gasoline inventory levels and cheaper crude oil prices are putting downward pressure on pump prices for most motorists. Gasoline stocks built by 200,000 b/d, according to the Energy Information Administration (EIA). Moreover, refinery utilization hit 82% indicating that we could see a larger build of stocks this week, which could help keep pump prices in check.
At the close of Friday’s formal trading session, West Texas Intermediate increased to settle at $60.97. Prices fluctuated throughout the week from a low of $57.76 to a high of $61.55 in reaction to world news, including concerns of new European Union lock downs and tight vaccination supplies throughout local economies. Also, news of the stranded container ship in the Suez Canal affected the price of crude oil. While ships started to re-route last week, oil deliveries could be delayed. This is likely to have limited impact here as US oil production should be able to keep stateside supply balanced and in turn, prices stable until the canal clears.
In its report from last week, the EIA reported domestic gasoline demand was up by 174,000 b/d to 8.6 million b/d, which is just 222,000 b/d short of levels from one year ago when demand started to dip. Looking ahead, growing demand and the switchover to summer blend gasoline could be factors for a rise in gas prices, barring any unforeseen circumstances.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.