Gas prices in WNY begin to drop faster as demand decreases and supply increases

NYS average price drops $0.06 in the last week
Gas pump
Posted at 5:19 AM, Apr 04, 2022
and last updated 2022-04-04 05:29:09-04

BUFFALO, N.Y. (WKBW) — Gas prices are continuing to drop this week at the local, state and national levels.

As of Monday morning, AAA reported the average price for a regular gallon of gas dropped in the Buffalo area to $4.33 — a three-cent decrease over the last week. A similar price drop was reported in Batavia, where the cost of a regular gallon of gas dropped four cents to $4.32 per gallon.

Both the state and national average saw six-cent drops to $4.29 and $4.19, respectively.

According to AAA, prices are dropping because domestic gasoline stocks have increased and demand decreased. The Energy Information Administration reported domestic gasoline demand decreased from 8.63 million barrels per day to 8.5 million barrels per day over the last week.

Crude oil prices also dropped Monday to just over $100 per barrel. AAA says that is due, in part, to the White House's plan to release one million barrels of oil per day from the nation's Strategic Petroleum Reserve. Experts believe the oil releases could continue for up to 180 days.

Lawmakers on Capitol Hill are weighing other options to help you save at the pump too, including putting pressure on oil executives to produce more and profit less, fining oil companies for not drilling, or suspending the federal gas tax or starting a gas rebate program for consumers.