Beckley, WV (WOAY) – Oil cartel OPEC+ plans to cut oil production by 2 million barrels per day, has led to oil prices rising to almost $90 a barrel and West Virginia’s average gas prices jumping 9 cents in the past week at $3.53.
Since crude oil makes up the largest share of gasoline, the rising cost of oil directly impacts prices at the gas pump. Nationally, the average price for a gallon of gasoline at the pump has increased 12 cents over the past week hitting $3.91.
According to new data from the Energy Information Administration (EIA), gas demand increased nationally from 8.83 million b/d to 9.47 million b/d last week.
Total domestic gasoline stocks decreased significantly by 4.7 million bbl to 207.5 million bbl. High gasoline demand, amid tight supply, has led to higher pump prices nationwide.
Today’s national average of $3.91 is 19 cents higher than a month ago and 65 cents more than a year ago.
West Virginia’s average for a gallon of regular is now $3.53, climbing a penny overnight, 9 cents higher on the week but 14 cents lower compared to a month ago. A year ago, the average in West Virginia was $3.12.
