Gas prices drop slightly in WNY, nationwide as oil prices continue falling

Gas pump
Posted at 6:31 AM, Mar 21, 2022
and last updated 2022-03-21 06:31:20-04

BUFFALO, N.Y. (WKBW) — Gas prices have dropped week-to-week in Western New York for the first time since the Russian invasion of Ukraine sparked a rapid surge in gas and oil prices.

AAA is reporting the average price for a regular gallon of gas in the Buffalo area was $4.37 Monday morning — a three-cent drop in prices from last week. Prices dropped even more on the state and national levels, both with eight-cent decreases in the last week.

The slight decline in gas prices comes as crude oil prices begin falling in the wake of the Russian invasion of Ukraine. AAA attributes the most recent drop in gas prices to China announcing COVID-19 lockdowns last week.

The Energy Information Administration (EIA) also reported domestic oil stocks increased last week, further contributing to the drop in oil prices.