BUFFALO, N.Y. — Supported by a drop in the global price of crude oil, gas prices in the United States are falling once again. In Western New York, prices are down anywhere from five to twelve cents per gallon.
According to AAA Western and Central New York, prices in Buffalo have fallen by five cents, down to an average of $3.62 this week. Rochester and Syracuse saw six and nine cent drops, respectively. In Batavia, the average price dropped significantly, down 12 cents in the last week to $3.47.
Lower prices are reflective of a national trend, as the average price of a gallon of gas in the United States has dropped to $3.26. According to data from the Energy Information Administration, gas demand remains low while stocks have risen significantly. The increasing supply and lower demand continues to push pump prices down. As demand remains low and stocks grow, drivers will likely continue to see prices decrease at the pump.
Meanwhile, OPEC+, a group of 23 oil-producing nations, met last week and decided to maintain output cuts of 2 million barrels per day, about 2% of world demand. The purpose of the move is to boost the global price of oil, which has fallen recently on fears of demand weakness, specifically in China.
Despite those efforts, this morning, oil prices range from $70 to $75 per barrel, down more than $10 per barrel from one week ago.
Diesel fuel prices dropped as well with the national average at $4.92, down 16 cents from last week, but up from $3.60 one year ago. The New York average for diesel is $5.60, down 14 cents from last week and up from $3.74 one year ago.