State & Union: Gasoline Prices Fall on Lower Oil Demand | News

With Olean gasoline prices down 12 cents since last week, average gasoline prices in New York fell 5.7 cents per gallon, averaging $4.26/ g Monday.

Most Olean outlets were trading at just under $4.28/g for 87 octane on Monday.

GasBuddy’s survey of 6,118 stations in New York shows prices in the state are 16.5 cents per gallon higher than a month ago and $1.36/g higher than a year ago for an octane rating of 87.

According to GasBuddy price reports, the lowest price in the state was $3.71/g while the highest price was $5.40/g, a difference of $1.69/ g.

The national average gasoline price fell 5.4 cents per gallon last week, to an average of $4.17/g on Monday. The national average is up 25.5 cents per gallon from a month ago and is $1.31/g higher than a year ago, according to GasBuddy data.

Nearby areas and their current gas prices include Buffalo at $4.33, down 3 cents from last week; Syracuse, $4.26/g, down 2.6 cents; and Rochester at $4.34/g, down 2.8 cents.

Oil prices fell last week as COVID cases in China surged, causing restrictions on movement and hurting demand for oil,” said Patrick De Haan, head of oil analysis at GasBuddy. . “Meanwhile, President Biden’s announcement that the United States would release 180 million barrels from the Strategic Petroleum Reserve has caused oil to fall even further, causing gas prices to plummet in nearly every region. of the country over the past week.”

De Haan says that as long as oil prices stay below $100 a barrel — and there’s no escalation in Russia’s war on Ukraine — we could be on the verge of seeing the gas prices fall again as the United States and other countries try to increase oil supply to drive down prices.

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Felix J. Dixon