CLARKSBURG, W.Va. (WBOY) — Average gas prices slightly declined nationally week over week, but are still up week over week in West Virginia, and higher month over month and higher year over year nationally and statewide.
AAA said the reason for that is that fears of a global economic recession are driving down the price of crude oil—a crucial component in gasoline—and demand is down.
Nationally, the Energy Information Administration (EIA) found that demand for gas was down from 9.47 million barrels/day to 8.28 million b/d while supply increased by 2 million bbl to 209.5 million bbl. Demand for gas was at 9.63 million b/d on Oct. 15, 2021, according to historical EIA data.
The national average Monday was $3.89 per gallon of regular gas, and in West Virginia, it was $3.57. A week ago, it was $3.92 nationally and $3.54 in West Virginia.
Last year, prices averaged $3.32 per gallon of regular gas nationwide and $3.23 per gallon in West Virginia.
AAA predicts that if demand continues to drop and the decrease in oil prices continues, drivers could see increases in prices at the pump start to slow and even come down through the week.
Experts also cautioned that as interest rates rise globally, crude prices could continue to drop, which could lead to a recession.