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Gas prices continue to drop in US, region

December 7, 2018

HUNTINGTON — Gene Radcliff was at Speedway in the 1500 block of 6th Avenue in Huntington on Wednesday afternoon filling his tank for $2.07 a gallon for regular unleaded.

“It’s listed at $2.10, but with my Speedy Rewards discount card I get an additional 3 cents off,” he said.

In Monday’s gas price report for West Virginia, AAA showed statewide gasoline prices 9 cents cheaper than the week before, at an average price of $2.54 a gallon for regular unleaded.

Huntington showed the lowest average price at $2.20 a gallon, while Charleston showed an average of $2.59 a gallon. Bridgeport and Morgantown were listed at $2.68; Clarksburg at $2.69; Martinsburg at $2.60; Parkersburg at $2.28; Weirton at $2.45; and Wheeling at $2.46, according to AAA.

Meanwhile in Ohio, the statewide average is down to $2.10 a gallon for regular unleaded with some areas of the state reporting prices under $2. In Kentucky, the average price for a gallon of regular unleaded is at $2.13, according to AAA.

“Despite a draw of nearly 700,000 barrels, gasoline stocks continue to measure above 61 million in the Mid-Atlantic and Northeast region,” AAA said in its report. “Regional refinery utilization has increased to 86 percent, indicating that a large build could be coming in the week ahead and contribute towards reducing gas prices even further.”

Average gasoline prices nationwide are at a low for the year, according to AAA.

“As the national gas price average drops to $2.46, it sets a new low price for the year and is cheaper than a year ago by two cents,” the report stated. “The last time the daily national gas price average was

cheaper year-over-year was 18 months ago on July 6, 2017, when gas prices were $2.24, versus $2.26 on July 6, 2016. Not only is today’s national gas price average cheaper year-over-year, but also is 31 cents cheaper than a month ago and on the week, 24 states saw gas prices drop double digits.”

AAA says motorists in 32 states are paying less to fill up compared with a year ago.

“Cheap crude oil prices are largely driving fuel savings at the pump,” the report said. “Last week, crude dropped to its lowest point of the year at $50 per barrel.”

In December 2015, the average price of a gallon of regular gasoline dipped below $2 for the first time since 2009, according AAA. The national average for gas was $1.998 per gallon. Gasoline prices last fell below $2 between November 2008 and March 2009 during the recession, according to AAA.

Radcliff says with gas prices trending down nationwide, he may be able to do a lot more visiting with family this Christmas.

“With gas prices this low, I should be able to get more Christmas presents and visit lots more family,” he said.

However, AAA said this week’s Organization of Petroleum Exporting Countries (OPEC) meeting could disrupt the cost of crude.

“OPEC is expected to make an announcement on production at its meeting this Thursday in Vienna, Austria,” AAA said. “The scheduled OPEC meeting has not had a negative impact on pump prices so far.”

Motorists can find current gas prices nationwide, statewide and countywide at GasPrices. AAA.com.

Follow reporter Fred Pace at Facebook.com/FredPaceHD and via Twitter at @FredPaceHD.

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