Pump Prices Coming Back Down

Utica, NY (WIBX) - The average price for a gallon of gas in the Utica-Rome market has dropped a nickel over the last week.

Ed Welsh, AAA Central Region General Manager, says we're paying an average of $4.03 this week.

The reason?

"There's some money issues with Europe. The threat, two weeks ago, that the Greeks might get out of the euro really put a stop to the euro gaining an advantage over the dollar. It's funny, when our friends do poorly, our dollar looks better," Welsh said.

That's important because oil is traded globally in dollars, so when the dollar weakens, the price per barrel increase and the cost of gas in America rises.

Earlier this month, the price per barrel rose a few dollars above the $100 mark, but have since settle at about $98 per barrel.

Syracuse is the first city in New York that has fallen below the $4 mark, with an average price this week of $3.98 a gallon, Welsh said.