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Gas prices continue to drop

STAFF REPORTS


Today’s national average price for a gallon of gasoline is $2.46, down 10 cents from last week. One year ago, the price was $2.48. The New York State average is $2.78 – down five cents from last week. A year ago, the NYS average was $2.67. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $2.84 (down 3 cents since last week)
  • Buffalo - $2.88 (down 4 cents since last week)
  • Rochester - $2.76 (down 5 cents since last week)

Gas prices continue to drop as total domestic crude inventories continue to climb. In the latest weekly petroleum status report from the Energy Information Administration (EIA), crude inventories are now about seven percent above the five-year average for this time of year. Growth in global crude production, including in the U.S., combined with weaker than expected global crude demand for the fourth quarter have helped to push crude prices lower. OPEC is set to meet later this week and is expected to cut oil production, which could push gas prices higher.