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Gas prices down across the board

STAFF REPORTS


Gas prices in Buffalo and Rochester are down four and three cents respectively -- as they fall both state- and nationwide, according to AAA Western and Central New York.

In Buffalo, the price of a gallon of unleaded gasoline is $2.69, while in Rochester, the price is $2.60. In Batavia, the price is $2.69, down two cents.

The national average price for a gallon of gasoline is $2.27, down six cents from last week. One year ago, the price was $2.49. The New York State average is $2.62 – down four cents from last week.

Heading into 2019, gasoline demand is expected to dwindle during the month of January, an expected change following the busy holiday travel season. At the same time, OPEC will begin production cuts on January 1, with hopes that the shift in global supply will push oil prices higher. The effectiveness of the cuts will likely not be known until later in the first quarter.

Over the past few years, OPEC and partnering countries have demonstrated a strong resolve to comply with proposed cuts in production. It is likely that the cartel will reconvene in April, and if there is a need to further balance global supply and demand, OPEC will likely tweak current production numbers at that meeting.