Average price of gas nationally drops three cents

Press release from AAA:

Today’s national average price for a gallon of gasoline is $3.33, down three cents from last week. One year ago, the price was $2.16. The New York State average is $3.52, down two cents from last week. A year ago, the NYS average was $2.26. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $3.47 (up one cent from last week)
• Buffalo - $3.46 (no change from last week)
• Ithaca - $3.50 (down one cent from last week)
• Rochester - $3.51 (down one cent from last week)
• Rome - $3.54 (down two cents from last week)
• Syracuse - $3.48 (down one cent from last week)
• Watertown - $3.55 (down three cents from last week)

Pump prices continue to drop slightly at the national level over the past week. A week ago, oil prices dropped into the mid $60 per barrel territory - a price not seen since August. Today, they are in the $70s. Lower oil prices and OPEC’s decision not to cut production played a role in the price decrease. Concerns over a potential COVID-19 induced economic slowdown also contributed, along with a slight decrease in demand. Year-end holiday travel should push demand up beginning next week.