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Central New York drivers are experiencing a slight relief at the pump, as gas prices have decreased. According to AAA, the average cost for a gallon of regular fuel in the region is now $3.04, marking a one-cent drop from last week and a three-cent decrease from last month. This local average is slightly below the state average of $3.10 and the national average of $3.12, as reported by AAA.
The recent drop in gas prices is attributed to economic factors and a decision by OPEC+ to increase oil production starting in June. This increase in production is expected to help lower prices further, even as gasoline demand rises and domestic supply decreases. Production has been 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. Patrick De Haan, GasBuddy’s Head of Petroleum Analysis, predicts that OPEC+'s decision to raise production could potentially bring the national average below $3 per gallon, especially as refinery maintenance concludes and gasoline supply increases.