Gas prices dropped 9 cents in Orleans, and state-wide in week
Photo by Tom Rivers: The gas price is advertised on Monday at the Crosby’s in Holley on Batavia Street. The average price for regular unleaded fell about 9 cents in Orleans County from $4.987 on July 5 to $4.893 on Monday, according to AAA.
Gas prices continue to trend down after hitting record highs about a month ago.
The national price was at $4.655 on Monday, down 13 cents in a week, while the average price in New York State was at $4.80, down 9 cents in the week, AAA reported.
A year ago the national price was $3.14, with the state-wide average price at $3.20 a gallon.
AAA reported the average price for regular unleaded state-wide was at $4.788, down from $4.885 a week earlier and $5.037 a month ago. The diesel price also dropped to $6.039 on Monday, which was down from $6.153 a week earlier and $6.307 a month ago.
Regular unleaded hit a record high of $5.041 on June 14, with diesel’s high at $6.542 on May 19.
Here are the average prices among Western New York counties:
- Orleans, $4.893
- Genesee, $4.722
- Monroe, $4.836
- Livingston, $4.892
- Wyoming, $4.852
- Niagara, $4.697
- Erie, $4.774
- Chautauqua, $4.693
- Cattaraugus, $4.706
- Allegany, $4.799
AAA issued the following news release on Monday about the decreasing gas prices:
“Early last week, unleaded gasoline dropped below $5 a gallon at about 80% of gas stations across the country as oil prices dropped amid broad market concern regarding a potential slow, or even stall, of economic growth due to rising interest rates and inflation.
“A lower economic growth rate than expected could cause crude demand to further decline, leading pump prices to follow suit. This morning, oil prices are at $103 to $105, down slightly from the $103 to $107 per barrel seen last Tuesday.
“Last Wednesday, data from the Energy Information Administration (EIA) showed that gas demand sat at 8.93 million b/d, which was lower the last year’s rate of 9.11 million b/d at the end of June. On the other hand, domestic gasoline stocks increased by 2.6 million bbl to 221.6 million bbl. These supply and demand dynamics, along with decreasing oil prices, have pushed pump prices lower. If these trends continue, drivers will likely continue to see relief at the pump.”
