The average price for a gallon of gas in New York has fallen a nickel since last Monday.
According to AAA of Western and Central New York, the New York State average is $3.48 a gallon, down 13 cents from the same week one year ago. Diesel prices are also dropping in New York with the average being $4.55 per gallon, down four cents from a week ago.
After a slight pause, gas prices moved steadily lower over the last week with the national average trimming nine cents to $3.15 for a gallon of regular. Lower oil prices continue to drive the decline as the average price for a barrel of oil has fallen from the $80s into the low $70s where it stood Monday morning. The falling price comes just over a week after OPEC+ announced voluntary production cuts of about 2 million barrels a day.
According to the latest data from the Energy Information Administration (EIA), gas demand increased slightly last week while the domestic supply rose significantly by over 5 million barrels of crude. Supply growth has helped push pump prices lower. If oil prices remain low, drivers can expect gas prices to follow suit during the holiday season.
Diesel prices are also dropping. The national average price for diesel is $4.10, down nine cents from last Monday, and down from $4.94 a year ago. The New York average for diesel is $4.55, down four cents from a week ago, and lower than $5.64 one year ago.
