WEST VIRGINIA (LOOTPRESS) – West Virginians looking forward to a long-awaited summer road trip may find their budget for gas leaves a little more wiggle room for other vacation expenditures. While gas prices normally climb in the spring due to the switchover to the higher-cost summer blend fuels, soft demand could continue to put downward pressure on oil prices, leading to lower costs at the pump.
In the lull between spring travel and the kick-off to summer, gas demand slid week over week, dropping the national average three cents to land at $3.15. OPEC+ announced Saturday that it will increase output again in June, widening the supply surplus, which could cause crude prices to continue to fall. The national average is nearly 49 cents less than it was one year ago today.
“That means West Virginians planning a road trip could see lower prices at the pump this summer, if downward pressure on oil prices continues,” explains Lori Weaver Hawkins, public affairs manager, AAA Blue Grass. “That’s good news for those trying to fit some summer road travel into their household budget.”
Today’s gas price average for West Virginia is $3.04, down a penny on the week and six cents lower than a month ago. The price is now 47 cents lower than a year ago. Charleston’s average price for a gallon of regular is now at $3.00, dropping a full 14 cents compared to just a week ago. Beckley is at $3.03, dropping just a penny on the week.
The national average is at $3.15, nearly 49 cents less than it was one year ago today. Today’s average is three cents lower than a week ago and nine cents lower than a month ago.
The highest gas price average by West Virginia county can be found in Tucker County at $3.27, while Greenbrier County again has the lowest average this week, now dropping to $2.76.
According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 9.09 million b/d last week to 8.71. Total domestic gasoline supply slightly increased from 225.5 million barrels to 225.7. Gasoline production decreased last week, averaging 9.7 million barrels per day.
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI fell $1.02 to settle at $58.07 a barrel. The EIA reports that crude oil inventories decreased by 2 million barrels from the previous week. At 438.4 million barrels, U.S. crude oil inventories are about 7% below the five-year average for this time of year.
