Gas prices drop as demand hits a nearly 52-year low in West Virginia

Coronavirus

CLARKSBURG, W.Va. – According to AAA East Central’s Gas Report, the average price for gasoline at the pump is four cents cheaper.

Officials at AAA stated that global demand for gasoline during this COVID-19 pandemic has dropping with motorist home-bound. AAA also said for motorists to expect to see gas pump prices to be cheaper as crude oil stock increases and demand drops. Officials said demand gasoline is at a 52-year low, and has not seen this low of a demand in the spring time since the 60’s.

“So, the national average today is $1.85 which is more than 40 cents cheaper than it was one month ago. That something that we very, very rarely see. I cannot remember in recent memory anytime we’ve seen such a precipitous drop. So, crude oil is the major player but then on top of that you have demand going down. And as long as people are locked inside you can expect to see those historically low demand numbers,” said Jim Garrity, Spokesman of AAA East Central.

Officials with AAA said they are going to keep an eye on how the price of gas could change in the weeks ahead. The following is a list of the average prices in several West Virginia locations:

  • $1.999 Bridgeport
  • $1.995 Clarksburg
  • $1.834 Huntington
  • $1.955 Martinsburg
  • $1.877 Morgantown
  • $1.819 Parkersburg
  • $1.694 Weirton
  • $1.638 Wheeling

The national gas price average has steadily declined for seven weeks, pushing the average cheaper by 61-cents to $1.86 during the third week of April. The latest data reveals demand levels not seen since spring of 1968, and every U.S. region is seeing builds in gasoline inventories and crude storage.

On Sunday, the Organization of the Petroleum Exporting Countries plus (OPEC+) announced historic global crude productions cuts – nearly 10 million barrels per day in May and June. Effective May 1, the production cuts are expected to ease in June, but some restrictions will remain in place through April 2022. The production cut hasn’t had an immediate impact on pump prices given the ongoing impact the COVID-19 pandemic.

Crude prices will likely remain volatile this week, as the market assesses if the production cuts are sufficient to hold back growing global crude inventories as COVID-19 continues to push down demand. On Monday, April 13, West Texas Intermediate is hovering in the low to mid $20/barrel range.

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