CLARKSBURG, W.Va. (WBOY) — Experts with AAA are speculating that the streak of declining gas prices may come to an end soon, as the national gas price average decreased by just four cents in the past week to $3.67 per gallon.
West Virginia gas prices were slightly lower Monday, with an average of $3.54 per gallon, though prices in the Mountain State fell by more week over week, with last week’s prices averaging $3.65, according to AAA.
AAA said the four-cent decline in prices is the smallest in months and could signal that after almost 100 days, the streak of falling daily national average gas prices could soon come to an end.
Part of the reason for the continued decrease in gas prices, according to AAA, is that most of the country has switched over to using winter-blend gasoline, which is cheaper than summer-blend gasoline. AAA also cited Energy Information Administration data that gas demand decreased from 8.73 million b/d to 8.49 million b/d last week and that total domestic gasoline stocks declined by 1.8 million bbl to 213 million bbl.
AAA said fluctuating oil prices have led to smaller pump price decreases even though demand for gas continues to decrease.
One month ago, gas prices averaged $3.91 in West Virginia and nationally, and one year ago, they averaged $3.07 in West Virginia and $3.19 nationally.