Some Relief At The Pumps, Gas Prices Down Slightly In New York This Week
Gas prices in New York state have fallen again this week.
According to AAA Northeast, New York’s average price is down two-cents a gallon from last week to $4.34 a gallon.
Today’s price is 54 cents higher than a month ago and 10-cents higher than the national average.
In the Utica-Rome area, the average price is $4.27 a gallon, also down two-cents from last week.
“The global oil market reflects the volatility caused by the war in Ukraine grinding onward,” said Patti Artessa, Regional Director of Public and Government Affairs for AAA Northeast. “Although the price of gasoline has moderated over the past three weeks, elevated prices will likely be the norm for the spring.”
Artessa says here are things to watch for in the oil market this week;
- COVID-related lockdowns in Shanghai raise concerns of lowered demand in China, the world’s top importer of crude oil.
- The Energy Information Administration reports that gasoline demand across the USA decreased from 8.94 million barrels/day to 8.63 – the second straight week of lower demand, in contrast to the typical rise in demand during the early spring. Lower-than-expected demand exerts downward pressure on gas prices.
- OPEC+ meets on Thursday and is not expected to significantly boost production beyond an already-planned increase of 400,000 barrels/day.
AAA Northeast's March 28 survey of fuel prices found the current national average to be one-cent lower that last week averaging $4.24 a gallon.
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*Prices as of March 28, 2022
The AAA Gas Prices website is your resource for up-to-date fuel price information.
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