4-17-13 Area gas prices down another 8 cents

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Relief continues for those paying at the pump, as gas prices fell to $3.58 this week. This is the fourth consecutive week of declining fuel prices.

On the National Front

Today’s national average price for a gallon of regular unleaded gasoline is $3.52. This price is 8 cents less expensive than one week ago, 17 cents less than one month ago and 39 cents less than one year ago. The national average has now fallen for 12 straight days and 41 of 47 days since the peak 2013 price to date of $3.79 on Feb. 27. In 2011 the national average for regular unleaded gasoline peaked at $3.98 on May 5. In 2012 the price peaked at $3.94 on April 5 and 6.

Retail gas prices have dropped steadily since the end of February, however the factors pressuring prices lower have changed during this decline. Prices fell to begin March as many refineries resumed normal operations following the completion of seasonal maintenance and production concerns eased. This decline came even as crude oil prices moved higher. West Texas Intermediate (WTI) crude oil settled at what was then a 2013-low of $90.68 per barrel to begin March. On the final trading day of the month WTI settled $6.55 higher at $97.23, which was the highest price since mid-February.

U.S. gasoline prices in April have continued to fall, not just because of weak demand data and signs of economic weakness but as oil prices have also moved sharply lower.

At the close of today’s formal trading on the NYMEX WTI settled $2.58 lower at $88.71 per barrel. This is $8.52 below than the recent peak price on March 28 and is the first time since Christmas Eve that WTI has settled below $90 per barrel.

This week’s West Virginia average price: $ 3.575
Average price during the week of April 9, 2013: $ 3.653
Average price during the week of April 17, 2012: $ 3.916

The following is a list of the average price of unleaded self-serve gasoline in various areas:

$3.480

Bridgeport

$3.501

Clarksburg

$3.481

Huntington

$3.692

Martinsburg

$3.693

Morgantown

$3.472

Parkersburg

$3.653

Weirton

$3.624

Wheeling

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