National gas price average drops below $4/Gallon for the first time since March

Beckley, WV (WOAY) – National average price for regular grade, self-service gasoline dropped to $3.99, decreasing 14 cents in the last week and 68 cents in the previous month. Prices have dropped by $1.01 since hitting a record-breaking high of $5.01 per gallon in June.

Multiple factors determine the fluctuation of gas prices, including refining costs, taxes, supply and demand, geopolitical events, economic uncertainty, pandemics, and natural disasters. In addition, factors like competition within the area, proximity to an interstate highway, cost of real estate in station location, and cost of transport can determine costs even within communities.

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