Gas prices dip despite war, increase in demand

FILE – A customer pumps gas at an Exxon gas station, Tuesday, May 10, 2022, in Miami. Saudi Arabia and Russia agreed Tuesday, Sept. 5, 2023, to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices. The dual announcements from Riyadh and Moscow pushed benchmark Brent crude above $90 a barrel in trading Tuesday afternoon, a price unseen in the market since last November. (AP Photo/Marta Lavandier, File)

by: Alexandra Weaver

Posted: Oct 23, 2023 / 02:40 PM EDT

Updated: Oct 23, 2023 / 02:40 PM EDT

CLARKSBURG, W.Va. (WBOY) — Gas prices in West Virginia and across the country are on the decline, despite tensions in the Middle East.

According to AAA, gas in northern West Virginia is 10 cents cheaper on average this week, at $3.23 per gallon of regular gas. In West Virginia as a whole, AAA says gas is averaging $3.55 per gallon. One year ago, gas was averaging $3.57 per gallon in northern West Virginia and $3.55 statewide.

Locally, prices at the pump were averaging $3.20 in Bridgeport, $3.32 in Clarksburg and $3.30 in Morgantown, according to AAA.

Gas demand also increased while stocks decreased—another trend that would normally cause prices to rise, but AAA said oil prices have stabilized, reversing the effect.

As of the latest available Energy Information Administration data, on Oct. 13, 2023, the U.S. Strategic Petroleum Reserve’s levels were at 351,274 thousand barrels, the lowest the reserve has been at since December 1983.