BUFFALO, N.Y. (WIVB) – As has happened for nine consecutive weeks, the average price of gas is getting lower.
Now at $ 1.77 per gallon, the national average is $ 1.12 lower than at this time last year.
New York’s average gas price is still above that, which is $ 2.18. Buffalo and Batavia are higher than the state average, with prices of $ 2.23 and $ 2.27, respectively.
The average price for Rochester is just under Buffalo, $ 2.20.
Here is a comparison of parts of northern New York:
Ithaca – $ 2.19 (down seven cents since last week) Rome – $ 2.13 (down eight cents since last week) Syracuse – $ 2.08 (down six cents since last week) Watertown – $ 2.15 (down four cents since last week)
The obvious factor here is that many people stay at home or travel a lot less because of the coronavirus pandemic. But, that’s not the only thing that keeps prices low.
Geopolitical tensions between Iran and the United States, and reports that some countries violate the OPEC agreement, also affect prices.
“An agreement to reduce production between OPEC and major crude producers, including Russia, calls for a reduction in production on May 1, but some participants have begun to reduce production,” AAA said. “This agreement is expected to cut global oil production by 9.7 million [barrels per day] for May and June 2020 and continue with cuts to 2022. ”
That being said, the Energy Information Administration said demand for crude oil increased to 5.3 million barrels per day last week, compared to the previous amount of 5.1 million. This means that falling prices may start to slow down.
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