AAA: WV Gasoline Prices Soar More than a Dime Per Gallon

West Virginia gas prices took a sharp jump upward this week. The average price for a gallon of regular, unleaded gasoline increased 10.5 cents per gallon to $2.677 at the pump.

According to the AAA Fuel Gauge, oil prices held steady most of the day to open the week’s trading down a little more than 30 cents closing at $70.60 Monday on the New York Mercantile Exchange. Monday’s steady opening stands in stark contrast to last week’s mini-price rollercoaster which saw market oil reach a five-week high near $73 per barrel during trading before settling closer to $70 at the close.

Other news suggesting that prices will likely remain stable in the short term was word from OPEC that the oil cartel is content with $70 oil. This makes it unlikely that OPEC will further reduce production levels despite continued weak demand and ample oil supplies, contributing to short term price stability.

The national average retail price for a gallon of self serve regular is $2.643.

This week’s average prices: West Virginia Average =  $2.677
Average price during the week of August 4, 2009 =  $2.572
Average price during the week of August 12, 2008 =  $3.763