Gasoline prices saw a second straight week of sharp declines due to the COVID-19 pandemic and an ongoing crude price war, according to data collected by AAA Western and Central New York.
And prices could continue to drop much lower. The AAA said analysts with Oil Price Information Service, which supplies gas price information to AAA, expect prices to continue to fall – possibly to the $1.25-$1.50 range nationally by May. The AAA said some states are already below the $2 mark.
The national average price for a gallon of gasoline is $2.13, down 13 cents from last week, while Buffalo's average price dipped 4 cents this week to $2.41, which marks a decline of 10 cents in two weeks and 15 cents over the past month. The New York State average is down 9 cents to $2.40.
Factoring in last week's drops in prices, the national average is down 25 cents in two weeks while New York's is down 16 cents in two weeks.
"Pump prices continue to decline around the country as oil prices have decreased significantly in response to the increasing public health and economic impact of Covid-19 and the crude price war between Russia and Saudi Arabia," the AAA said. "Covid-19 has forced gas prices down dramatically. Unfortunately, with limited travel and tourism, consumers are not benefiting."
On Feb. 17, Buffalo's average price for a gallon of gas was $2.56. The price dropped 2 cents, then 1 cent, then 2 cents in the weeks that followed, hitting $2.51 on March 9, before the sharper declines the last two weeks.
Regionally, there were similar drop-offs in price in Batavia ($2.45, down 10 cents in two weeks), Rochester ($2.39, down 13 cents in two weeks) and Syracuse ($2.34, down 13 cents in two weeks).
One year ago, the national average was $2.62 while the New York State average was $2.70.