CLARKSBURG, W.Va. (WBOY) — Usually, the uptick in travel on Labor Day weekend means gas prices tick up, but this week, gas prices went slightly down from a national average of $3.869 last Friday to $3.809 this Friday.
West Virginia’s gas prices followed a similar trend: from $3.828 per gallon of regular gas last Friday to $3.757 on Friday, Sept. 2, when many Americans will be headed to their Labor Day weekend destinations.
AAA said in a release Thursday that market concerns that slowed or stalled economic growth due to a recession could cause crude demand to fall have caused crude prices to fall. Those lower oil prices have translated to lower prices at the pump, according to AAA.
Meanwhile, in that release, AAA said gas demand increased this week from 8.43 million b/d to 8.59 million b/d last week, though gas demand was still 1 million b/d lower than the last week of August 2021.
At the same time, total domestic gasoline stocks decreased by 1.1 million bbl to 214.5 million bbl, according to AAA.
So even though supply is down and demand is up, AAA says fear of economic downturn has still pushed oil prices to drop.