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Gas prices in Central New York have seen a slight decrease, with the average cost for a gallon of regular fuel now at $3.05, according to AAA. This marks a one-cent drop from last week and a two-cent decrease from last month. The state average currently stands at $3.12 per gallon, while the national average is $3.14.
The stability in gas prices is attributed 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. According to Patrick De Haan, GasBuddy’s Head of Petroleum Analysis, 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.