CLARKSBURG, W.Va. (WBOY) — After weeks of rising gas prices, average prices are slightly down—by four cents—this week, however, depending on which oil industry analysts are right, the trend may not continue for long.
According to AAA numbers released Monday, Northern West Virginia gas prices averaged $3.59 per gallon of regular gas this week, with Bridgeport prices at $3.58, Clarksburg prices at $3.60 and Morgantown prices at $3.61.
During this time last year, prices in Northern West Virginia were $3.39 per gallon.
AAA said the cause of the decrease is the rollout of winter-blend gas, which is cheaper than summer-blend gas. While the decrease in gas prices this time of year is typical because of the rollout of winter-blend gas, AAA said it’s a smaller decrease in pump prices than normal because oil costs are remaining high, at around $90 per barrel.
Oil prices have remained high because back in July, Saudi Arabia decided to cut its oil production by 1 million barrels a day through the rest of 2023, and Russia extended its cuts of 300,000 barrels a month through the end of the year as well.
Some analysts have told the Associated Press they think oil could hit $100 a barrel based on robust demand and limited supply, whereas others project oil prices will stay in the low $90 range.
As of the latest available Energy Information Administration data, on Sept. 15, 2023, the U.S. Strategic Petroleum Reserve’s levels were at 351,230 thousand barrels, close to levels the reserve was at in September 1983.
The Associated Press contributed to this report.