BUFFALO, N.Y. — Amidst the news of the Omicron COVID-19 variant, oil prices fell and brought down gas prices, according to a report by AAA. The national average price of gas fell 3 cents to $3.36 a gallon. This is still up significantly from a year ago when the average price of gas was $2.15 per gallon.
Here in Western New York there was a little relief. The average price of gas in Buffalo fell one cent down to $3.46. In Batavia the price went up one cent to $3.46.
While prices of oil and gas went down with news of the new variant, it is still too early to know if prices will continue the downward trend in the long term with fears of an economic slowdown caused by Omicron variant. For now, AAA reports that it seems prices have stabilized, following prices going up as supply was low and demand high.
Before the new variant was reported, the price of gas continued to go up, despite President Joe Biden's announcement that the federal government was going to release oil held in U.S. Strategic Petroleum Reserve.
While gas prices remain high, AAA says drivers can conserve fuel by mapping their routes, avoiding peak traffic times, using cruise control when possible and combining errands into one trip.