CHARLESTON, W.Va. — Gasoline prices have dipped below $3 in some parts of West Virginia, as prices fall to their lowest levels in nearly three years.
At least 10 stations in and around Poca, Nitro, St. Albans and Cross Lanes were advertising regular unleaded at $2.99 a gallon Tuesday, according to price tracking website GasBuddy.com. The drop follows a 12-cent decline in the average statewide gas price in the last week.
The average price for regular unleaded across West Virginia was $3.218 Tuesday, down from $3.338 one week ago, according to AAA’s Daily Fuel Gauge Report. Tuesday’s average is more than 22 cents less than the $3.441 average one month ago, and 21.3 cents less than the average price at this time last year.
AAA spokesman Michael Green said just 2 percent of stations in West Virginia were selling gas for less than $3 Tuesday. But he said that number is set to increase.
“Most people are still paying more than $3 in West Virginia, but we should see a few more stations in the coming days lower their prices,” Green said.
Prices are falling as a result of a global sell off in crude oil markets. Crude oil costs represent about two-thirds of the final price of gasoline at the pump, according to the U.S. Energy Information Administration, and prices have dropped nearly 20 percent since this summer.
A confluence of factors has driven the decline…