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Gas prices are declining across the U.S., but how long will it last?

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  • Staff Report 

Motorists across the United States and New York State are seeing relief at the pumps as gas prices continue to trend downward, AAA reports.

In the past week, the national average for a gallon of gasoline fell by seven cents to $3.42, with New York’s average dipping four cents to $3.70. Diesel prices are also on the descent nationally, with a seven-cent drop to $4.40, and a slight one-cent decrease across New York to $5.89.

The ongoing price decline has accumulated to a 13-cent drop in the national average over the past two weeks, with oil prices adjusting to a range of $82 to $86 per barrel. AAA attributes the falling prices to stagnant demand and decreased oil costs. However, they caution that the volatile nature of global events could influence future fuel prices, potentially reversing the current downtrend.

Regionally, AAA Western and Central New York spotlighted price decreases across several cities, including a notable nine-cent drop in Elmira to $3.49, and an eight-cent reduction in Rome to $3.69. Other cities like Buffalo, Ithaca, and Watertown also experienced reductions, contributing to the overall downward pricing trend in the state. Despite the recent decreases, AAA advises consumers to remain mindful of the potential for international events to impact gas prices moving forward.

Categories: New York StateNews