BUFFALO, N.Y. — The price of oil around the world dropped significantly last week, but so far gas prices have yet to follow suit. In Western New York, prices remained steady over the last week. Buffalo and Batavia saw no change in average price, at $3.36 and $3.38 respectively.
Prices locally and nationally have leveled off after a year of decline. One year ago, the national average was $4.26, while the New York State average was $4.36. Today those averages have dropped nearly a dollar, down to $3.44 both nationally and state-wide.
Oil prices around the world fell to their lowest point since August of 2021 last week. As of Monday price range from $65 to $73 per barrel, down from $77 to $83 last week. According to the Energy Information Administration, gas demand increased while domestic gasoline stocks decreased. The rise in demand would typically result in higher prices, however, lower oil prices have countered this effect.
