Oct. 6--CHARLESTON, W.Va. -- The price of regular gasoline in West Virginia has dropped an average of 54 cents a gallon in the past three months, according to the AAA's Daily Fuel Gauge Report.

The average price today is $3.58 a gallon, down from $4.12 in July, the AAA said.

GasBuddy.com, a Web site that depends on visitor price updates, claims the average price of regular gas in West Virginia today is even lower: $3.37 a gallon. Some stations in the Parkersburg market are selling regular gas today for $3.26 a gallon, according to GasBuddy.

Experts attribute the decline in the price of gasoline to the price of oil, which has fallen nearly 40 percent since peaking in July. Oil was trading just under $90 a barrel today on world markets -- an eight-month low. Crude oil is the largest factor in determining retail gasoline prices.

There is growing speculation that the worldwide financial crisis will result in a global economic slowdown and, in turn, cut demand for oil.

Victor Shum, an energy analyst with Purvin & Gertz in Singapore, told The Associated Press that financial turbulence in markets over the weekend "was further evidence of the spread of this financial crisis to Europe. This deepens the sentiment that we're going to see a more widespread economic slowdown or even recession, and that's no good for oil demand."

In Charleston today, the average price of regular is $3.64, according to AAA's Daily Fuel Gauge Report. That's down from $3.75 a month ago, but up from the year-ago average price of $2.77.

The average price today in Huntington is $3.66, while the average in Parkersburg and Weirton is $3.41 and the average price in Wheeling is $3.50, according to the AAA.

The national average price for regular gas today is $3.50, down from $3.67 a month ago but up from the year-ago average of $2.77, AAA reported.

The AAA claims its Daily Fuel Gauge Report is the most comprehensive retail gasoline survey available. Every day up to 100,000 self-serve stations are surveyed nationwide. The Daily Fuel Gauge Report is posted online at www.aaa.com.

GasBuddy Organization Inc. posts national, state and local gas prices online at www.gasbuddy.com.

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