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Gas prices could soon dip below $2/gal. in WNY

Posted at 6:47 PM, Jan 14, 2016
and last updated 2016-01-15 06:37:14-05

The year is getting off to a very good start for drivers and homeowners thanks to the low cost of oil, plenty of supply and low demand for petroleum products.

Gasoline in the Buffalo area was averaging $2.15/gallon, with discounts and sales promotions allowing many drivers to purchase the fuel for even less. At this time last year, gasoline cost $2.70/gallon and many people remember how a few years ago gas was selling for three and four dollars per gallon.

Some industry insiders believe gasoline could drop under $2/gallon by the end of winter in WNY.

The cheaper gas is also helping local businesses from auto sales to the self employed.

Thanks to the warmer weather at the end of 2015, demand for home heating oil and natural gas also dropped. NOCO Energy Corporation officials tell 7 Eyewitness News they are seeing historic low prices for those products.

What's causing this and how long will the cheap prices last?

7 Eyewitness News reporter Ed Reilly talked to officials at AAA of Western & Central NY and NOCO Energy Corporation to get some answers.

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