The average price for a gallon of gas has declined over the past week due mainly to supply and demand. That's according to AAA, which reports that the nationwide average price at the pump as of Monday is $3.18, which is down more than seven cents. New York State's average fell more than three cents to $3.11. Meanwhile, Chautauqua County saw its average increase by over two cents to $3.32. One year ago, the national and statewide averages were $3.63 and $3.51, respectively.
Prices at the pump are coming down even though this is the time of year when gas prices go up. After OPEC+ announced it's increasing oil production next month by more than 400,000 barrels a day -- much more than expected -- the price of crude oil has been falling. Oversupply coupled with tepid gasoline demand is resulting in lower pump prices.
According to the latest data from the Energy Information Administration (EIA), gasoline demand and total domestic gasoline both decreased. Crude oil prices have increased slightly, ranging from $61 to $66 per barrel as of Monday morning.
AAA of Western and Central New York (AAA WCNY) reports the following regional averages:
- Batavia - $3.13 (up one cent from last Monday)
- Buffalo - $3.06 (down one cent from last Monday)
- Elmira - $2.92 (down six cents from last Monday)
- Ithaca - $3.03 (down three cents from last Monday)
- Rochester - $3.12 (down one cent from last Monday)
- Rome - $3.26 (down two cents from last Monday)
- Syracuse - $3.10 (down one cent from last Monday)
- Watertown - $3.12 (up one cent from last Monday)
Click here for local gas prices.
