UTICA, N.Y. (WIVT/WBGH) – As weak demand and lowering costs take control of the oil market, gas prices in the Northeast are continuing to decrease.
AAA Northeast announced on November 6 that the average gas price in New York State is $3.70 per gallon, four cents down from last week. Today’s price is 17 cents lower than the average cost of gas in N.Y. one month ago ($3.87), and 16 cents lower than prices on Novembers 6, 2022 ($3.86). Currently, the state’s average gas price is 29 cents higher than the national average.
AAA says oil prices have fallen for the second straight week as fears of a potentially broader war in Middle East have somewhat subsided. Domestic oil and gas inventories have climbed on a softer demand however, the market is nearly 500,000 barrels per day below the average for this time of year.
“Although we still need to watch global events for the effects on oil prices, gas prices should continue to fall as long as oil costs are lower and demand remains lackluster,” said AAA Northeast’s Director of Public AffairsOutreach, Patti Artessa. “With pump prices below $3 per gallon in six Southeastern states and counting, Northeast gas prices have room to drop once the switchover to winter blend is fully completed in our region.”
According to AAA, the current national average is eight cents lower than last week, averaging $3.41 per gallon. Today’s national average price is 33 cents lower than a month ago ($3.74) and is 39 cents lower than this day last year ($3.80).
For an in-depth look at this week’s AAA report, visit gasprices.aaa.com for more information.