Gas prices have slightly dropped in the Mahoning Valley this week, with the average cost dropping 12 cents from last week's average.

This week, the average price for a gallon of gasoline in the Mahoning Valley is $3.508 compared to last week's $3.626 and last year's $4.035. According to AAA East Central, lower oil prices are the biggest contributing factor to these lower prices.

Oil prices fell amid concerns that low consumer confidence could contribute to a recession this year. The Energy Information Administration (EIA) reports that total domestic crude inventories decreased by 5.1 million barrels to 460.9 million barrels last week.

The latest EIA data reveals that gasoline demand has significantly increased from 8.52 to 9.51 million barrels per day last week. Meanwhile, total domestic gasoline stocks decreased by 2.4 million barrels to 221.1 million barrels.

Usually, these factors would push pump prices up, but fluctuating oil prices have instead pushed them lower.