With the July 4 holiday just around the corner, local pump prices are starting to fall as demand is reaching a record high, mostly because of falling domestic crude oil prices.
The average price for a gallon of gas in northern West Virginia is $2.601, down nearly 15 cents from the same time a year ago, mostly because prices for domestic crude oil fell $12 a barrel, according to AAA East Central’s Gas price report. Domestic crude oil is used in the production of gasoline.
“Gas prices are, on average, 17 cents cheaper than Memorial Day weekend, which is welcome news for motorists hitting the road to celebrate the (Fourth of July) holiday,” said AAA gas price expert Jeanette Casselano in a statement. “More so, summer gas prices are poised to continue dropping even lower in coming weeks.”
The cheapest price for a gallon of gasoline in Morgantown on June 26 was $2.47 at Kroger at Suncrest Towne Centre Drive, according to gasbuddy.com. In Granville, the least expensive gas can be found at Sam’s Club at $2.46 a gallon, while the price for a gallon of gas the Circle K on Holland Avenue in Westover was $2.59.
In Preston County at the Circle K on West Main Street in Kingwood, the price was $2.64. The Sunoco on East State Avenue near 4th Street in Terra Alta was quoting $2.69 and the CITGO on W.Va. 7 and Penny Lane in Reedsville was quoting $2.64 a gallon.
The cheapest gasoline prices quoted by gasbuddy.com could be found in Huntington at $2.39 a gallon.
The cheapest gasoline in the country could be found in Mississippi, where the average price was $2.24 a gallon. The most expensive gasoline could be found in California, which had an average price of $3.71 a gallon. In Pennsylvania, the average price is $2.85 and in Maryland the gas price is $2.57 a gallon.
“For the seventh straight week, the national average price of gasoline has fallen, to a level last seen in March. But just in time for the upcoming holiday, the steak is at high risk of being broken,” said Patrick DeHaan, head of petroleum analysis for GasBuddy, in a statement.
“A large refinery explosion in Philadelphia last week may ultimately serve to push gasoline prices higher once we learn more details about how long that facility may be offline,” he said. “For now, motorists along the East Coast may only see prices rise a few cents as a result, but could see more of a hit should the refinery be down for a long period of time.”
DeHaan said oil prices rebounded because of tensions between the U.S. and Iran and attacks in the Strait of Hormuz, a key waterway, which sees over 20% of global oil supply traversing through the waterway.
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