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Gas Pain Easing a Bit Around Ohio Valley

photo by: Photo by Derek Redd

Regular unleaded gas at the Walmart in Moundsville was at $4.379 per gallon Thursday. Locals have seen gas prices drop in recent days.

WHEELING – Drivers are starting to see dollar amounts at the gas pump that are a little more palatable than they were just weeks ago. Experts can’t predict how long those price drops will continue, but say that any relief to motorists’ wallets is a good sign.

The average price for a gallon of regular unleaded gas in West Virginia on Thursday was $4.746, according to AAA. That’s down from $4.822 per gallon last week and the all-time high of $4.930 on June 15.

In Wheeling, the average price Thursday for regular unleaded was $4.615, down from $4.762 last week and the all-time high of $4.963 on June 13. Prices were even lower a little south of Wheeling, as the Moundsville Walmart had regular unleaded at $4.379 per gallon and a nearby Marathon had regular unleaded at $4.399 per gallon.

AAA said that the primary reason for the price drop was lower demand at the pump. With the exception of the Independence Day weekend, fewer motorists were fueling up. AAA East Central spokeswoman Lynda Lambert said that lull was predicted.

“We did a survey a few months ago when gas prices were starting to rise along with the price of crude oil,” she said, “and we wanted to see the sentiments from drivers about altering their driving habits when gasoline prices were beginning to increase significantly. Most people said when gas went above $4 a gallon, they would be seriously altering their driving habits.

photo by: Photo by Derek Redd

Regular unleaded gas at this Marathon on W.Va. 2 in Moundsville was at $4.399 per gallon Thursday. Locals have seen gas prices drop in recent days.

“When it went above $5 a gallon, even more people admitted that they would be driving less,” she added.

Falling crude oil prices also play a part, Lambert said. On Thursday morning, crude oil opened below $100 for the first time in a while and closed at about $20 lower than it did this time last month.

According to the latest data from the Energy Information Administration (EIA), gas demand was at 8.93 million barrels per day earlier this week. That is lower than last year’s rate of 9.11 million barrels per day at the end of June. Yet total domestic gasoline stocks grew by 2.6 million barrels to 221.6 million barrels.

The lower prices could be short-lived, Lambert cautioned. Gasoline demand usually increases in July, which is the most heavily traveled month of the summer, which is the most heavily traveled season of the year. Lambert said more than 45 million people traveled by car over Independence Day weekend, which was a record high.

That increased demand could push prices higher, but it could be balanced out by falling crude oil prices if they do keep going lower.

“We all hope for a continued steady decline,” Lambert said. “There’s no way to predict that with any accuracy or certainty.

And while Americans are still paying about $1.67 more per gallon now than they were this time last year, they’re starting to see a little bit of relief.

“We’re going in the right direction,” Lambert said.

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