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Gas prices in Central New York have remained stable, with the average cost for a gallon of regular fuel holding at $3.06, according to AAA. This price is unchanged from last week and is four cents lower than a month ago. The state average is slightly higher at $3.09, while the national average stands at $3.13.
AAA attributes the stability in gas prices to economic factors and a recent decision by OPEC+ to increase oil production starting in June. This move is expected to potentially lower prices further as supply increases. Despite a slight rise in gasoline demand and a decrease in domestic gasoline supply, production has increased, averaging 9.4 million barrels per day.
As summer approaches, AAA suggests that drivers might continue to see stable or even lower prices due to softer demand and lower crude oil prices. The organization continues to monitor the situation and provides updates on gas prices and trends.
AAA's report highlights that the national average for gas has seen minimal changes, with some regions experiencing slight increases while others saw declines. The West Coast, for instance, saw a decline of nearly four cents, while the Midwest and Gulf Coast regions experienced increases of about four cents.
In a statement, Patrick De Haan, GasBuddy’s Head of Petroleum Analysis, noted that OPEC+'s decision to raise production could lead to the national average falling below $3 per gallon, especially as refinery maintenance concludes and gasoline supply increases.