AAA reports a slight decrease in the average gas prices in parts of the region, despite a steady national average.
As of Monday, the average price per gallon in Syracuse stands at $3.69, dropping by a cent from the previous week. The national average remains consistent at $3.54, while the state average decreased by a cent to $3.67. Other cities in New York also saw minor price reductions, including Buffalo, Rochester, and Watertown, which reported a decrease of two to three cents per gallon from last week.
The recent dip in gas prices is attributed to the balancing effect of rising demand and lower oil prices. According to the Energy Information Administration (EIA), demand increased from 8.62 to 9.30 million b/d last week, but this did not lead to higher gas prices due to the persistently low cost of oil, which remains near $70 per barrel.
This trend of steady prices is expected to continue as we approach Memorial Day, despite fears of a global economic recession. The current national average is 13 cents less than last month and 93 cents lower than this time last year.
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