West Virginia gas prices rise 11 cents in one week

A customer pumps gas at an Exxon gas station, Tuesday, May 10, 2022, in Miami. U.S consumers have so far defied higher prices for gas, food, and rent and have been spending more in 2022, providing crucial support to the economy. How long that can continue will be one of the key factors affecting the economy and inflation this year. (AP Photo/Marta Lavandier)

by: John Lynch

Posted: May 17, 2022 / 09:27 AM EDT

Updated: May 17, 2022 / 09:27 AM EDT

The average price for gasoline across Northern West Virginia is 11 cents higher this week at $4.265 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: Northern WV Average                      $4.265
Average price during the week of May 9, 2022                                $4.153
Average price during the week of May 17, 2021                              $2.979

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

$4.279 Bridgeport
$4.283 Clarksburg
$4.242 Huntington
$4.276 Martinsburg
$4.265 Morgantown
$4.245 Parkersburg
$4.261 Weirton
$4.265 Wheeling

Trend Analysis:
With the national average cost for regular gas steadily climbing, three states—Georgia, Kansas, and Oklahoma—are still holdouts for crossing the $4 per gallon mark. The national average for a gallon of gasoline is now $4.48 which is 40 cents more than a month ago and $1.43 more than a year ago. The increase is primarily due to the high cost of crude oil, which is hovering near $110 a barrel.

At the beginning of last week, the price of crude oil decreased due to global market concern that crude demand will suffer as COVID lockdowns in China remain in place. However, crude prices reversed course at the end of the week over growing market worries that Ukrainian and European Union actions against Russian oil and natural gas companies could spark retaliation by Russia, which would lead to more market disruption and uncertainty. Additionally, the Energy Information Administration (EIA) reported that domestic crude supply increased by 8.5 million barrels to 424.2 million barrels. The current level is still approximately 12.5 percent lower than a year ago.

According to new data from EIA, total domestic gasoline stocks decreased by 3.6 million barrels to 225 million barrels last week. Gasoline demand also decreased slightly from 8.86 million barrels per day to 8.7 million barrels per day. Typically, lower demand would put downward pressure on pump prices. However, crude prices remain volatile, and as they surge, pump prices follow suit.

Meanwhile, the switch to the more expensive summer blend of gasoline, which usually adds seven to ten cents per gallon depending on the market, is happening now. This switchover should be complete nationwide by early June. This summer blend switch is an annual event.