WGVA 106.3FM 1240AMMix 98.5101.7 The WallWFLR Finger Lakes Country Classic Hits 99.3The Lake 100.1/104.5 WAUB 96.3FM 1590AM

Fear of Global Recession Drops Gas Prices


Fear of a global economic recession is leading to falling pump prices. That’s according to AAA, which reports the price for oil dropped into the upper $60s last week, which spurred a retreat for gas prices. Monday morning oil prices were in the low $70s. Oil market volatility is leading to lower pump prices, and we are also in a pre-summer driving season lull regarding domestic demand. These two factors should keep pump prices drifting lower for now. According to data from the Energy Information Administration (EIA), gas demand decreased significantly, which was expected. Lower demand, alongside an increase in stocks, has contributed to pushing pump prices lower. If demand remains low, drivers will likely continue to see pump prices decline.

Today’s national average price for a gallon of gasoline is $3.54, down seven cents since last Monday. One year ago, the price was $4.32. The New York State average is $3.68, down three cents since last Monday. A year ago, the NYS average was $4.51.

Diesel prices dipped slightly. The national average price for a gallon of diesel is $4.05, down six cents from a week ago. Here in New York, the current average for diesel is $4.69, down six cents from last week.

Get the top stories on your radio 24/7 on Finger Lakes News Radio 96.3 and 1590, WAUB and 106.3 and 1240, WGVA, and on Finger Lakes Country, 96.1/96.9/101.9/1570 WFLR.