Gas Prices Plummet On Crude Oil Concerns And Gasoline Oversupply


The cost of gas is continuing to fall in Central New York.

"In the previous two week period, we had lower crude prices and an oversupply of gasoline. This has happened again," says Trilby Lundberg, from the Lundberg survey. "Crude oil prices slipped substantially and we still have far more gasoline than we need to supply our demand. "

Oil prices are down as investors continue to worry the coronavirus outbreak in China will cut into demand by the world's biggest market for crude exports. Worries about oversupply ramped up Friday when Russia said it needs more time to decide whether to make deeper production cuts.

According to AAA, the average cost for a gallon of regular gas is $2.51. That's down three cents from last week and is 13 cents lower than this time a month ago.

The state average is two-63, while nationally it's two-43.


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