Gas prices in West Virginia have seen a drop of five cents this week, despite an increase in demand during the Fourth of July holiday. According to AAA, the average price of gas nationally is $3.54 per gallon of regular gas, while in West Virginia it is $3.36 and in northern West Virginia it is even lower at $3.29.
Specifically, in Bridgeport, gas prices are averaging $3.24 per gallon of regular gas, $3.27 in Clarksburg, and $3.38 in Morgantown. These relatively lower prices are a relief for consumers in the state.
AAA has noted that gas demand has seen a slight increase from 9.31 to 9.6 million barrels per day over the past week. However, despite the rise in demand, oil prices have also increased due to concerns about potential supply shortages throughout the rest of 2023.
A factor limiting the price increases is the ongoing market fears of a potential recession. These concerns have played a significant role in capping the price hikes, much to the benefit of consumers.
Currently, the U.S. Strategic Petroleum Reserve’s levels sit at 347,159 thousand barrels, according to the latest available Energy Information Administration data from June 30, 2023. This represents the lowest reserve levels since August 1983.
In conclusion, despite worries about tight supply in the coming months, gas prices in West Virginia have actually decreased. This news comes as a relief for consumers in the state, although market concerns about a recession continue to have an impact. The reserve levels of the U.S. Strategic Petroleum Reserve remain at their lowest point in almost four decades.
