The average price for a gallon of gasoline in New York has fallen three cents in the past week.
According to AAA of Western and Central New York, the New York State average today is $3.11, down three cents from last Monday. One year ago, the New York State average was $3.51.
The national average price is down eight cents from last Monday to $3.18 a gallon.
Prices at the pump are coming down even though this is the time of year when gas prices go up. Supply and demand are the main reason for the dip. After OPEC+ announced it’s increasing oil production next month by more than 400,000 barrels a day – much more than expected – the price of crude oil has been falling. Oversupply coupled with tepid gasoline demand is resulting in lower pump prices.
According to the latest data from the Energy Information Administration (EIA), gasoline demand decreased from 8.49 b/d last week to 8.42. Total domestic gasoline supply decreased from 237.6 million barrels to 236.0. Gasoline production decreased last week, averaging 8.9 million barrels per day. Crude oil prices have increased slightly, ranging from $61 to $66 per barrel this morning.
For drivers who use diesel fuel, the national average price for diesel is $3.58, down four cents from last Monday. The New York average is $3.91, down two cents from last Monday
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