West Virginia Gas Prices Higher; Crude Prices Continue to Climb

West Virginia Headlines

A gasoline station attendant pumps diesel into a car at a filling station on March 23, 2010 in Berlin, Germany. (Photo Illustration by Sean Gallup/Getty Images)

Countdown to Halloween
October 31 2021 11:59 pm

The average price of gasoline across Northern West Virginia is four cents higher at $3.117 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: Northern WV Average                       $3.117
Average price during the week of September 27, 2021                  $3.078
Average price during the week of October 5, 2020                         $2.239

The following is a list of the average prices in several West Virginia locations: 

$3.153      Bridgeport
$3.117      Clarksburg
$3.138      Huntington
$3.195      Martinsburg
$3.077      Morgantown
$3.065      Parkersburg
$3.077      Weirton
$3.112      Wheeling

Trend Analysis:
Nationally, gas prices rose two cents to $3.20, a level not seen since October 2014. The probable causes for the increase are a slight uptick in demand and the high price of crude oil, which is stubbornly staying above $73 per barrel.

Global economic uncertainty and supply chain concerns caused by the lingering COVID-19 pandemic could be playing a role in keeping crude oil prices elevated. However, there may be some relief on the horizon due to the news that OPEC and its allies might ramp up production increases faster than previously agreed.

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks increased slightly by 200,000 barrels to 221.8 million barrels last week. Gasoline demand also rose from 8.90 million barrels per day to 9.4 million barrels per day, more than a 5% increase. However, according to the EIA, oil and natural gas production was lower than pre-pandemic levels during the same quarter in 2019. This tightened supply is helping keep crude prices above $73 per barrel and preventing pump prices from taking their usual seasonal drop.

Today’s national average of $3.20 is two cents more than a month ago and is $1.02 more than a year ago.

At the close of Friday’s formal trading session, West Texas Intermediate increased by 85 cents to settle at $75.88. Crude prices increased on the week due to a stronger dollar and despite EIA’s recent report showing that total domestic crude inventories increased by 4.5 million barrels to 418.5 million barrels. For this week, prices could decline if OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, moves forward with an agreement to produce an additional 400,000 barrels per day in November. 

Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

video

More Video

Pet Photo Contest

Don't Miss

Trending Stories

More Top News

WTRF 7News Twitter