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What’s really behind the drop in gas prices?

The price of regular unleaded gas is advertised for just under $4 a gallon at a Woodman's, Wednesday, July 20, 2022, in Menomonie Falls, Wis. (AP Photo/Morry Gash)

CLARKSBURG, W.Va. (WBOY) — As national gas prices fell to just over $4 per gallon Monday, Marion County’s average gas price fell to $3.99 per gallon, according to AAA.

The national average was $4.059 per gallon on Monday, according to AAA, and West Virginia’s average gas price was $4.152 per gallon.

So far, Marion County is the only county in north central West Virginia with an average below $4 a gallon. Taylor County is averaging the second-lowest at $4.003 per gallon, Randolph the third-lowest at $4.025 and Barbour the fourth-lowest at $4.111 per gallon.

The average gas price per gallon in the rest of the north central West Virginia counties is more than $4.162 per gallon.

In a news release Monday, AAA cited decreasing demand and the fact that oil prices slumped amid fears of global economic slowdowns as the reasons behind the drop in fuel prices. AAA said the drop in demand was so steep this week that gas demand was at the same level that it was back in the end of July 2020—when many states still had COVID-19 lockdowns in place keeping businesses closed.

In comparison, gas prices for all fuel grades, in all U.S. states, averaged $2.272 per gallon back in July of 2020 according to the Energy Information Administration.

Gas prices are still well above what they were at this time last year when AAA’s average was $3.033 per gallon in West Virginia. This time last month, the average was $4.729 per gallon. The record for the highest gas price was set back on June 15 of this year at $4.930 per gallon.