The country sees largest decline in gasoline demand since 2014

Posted at 11:10 AM, Jan 30, 2017

After recent rises in gas prices, a new decline in demand has caused the cost of gas to dip slightly.

According to AAA, the national average price for regular unleaded gasoline is down four cents from last week, sitting at $2.27 per gallon. However, this is still 47 cents higher than last year.

AAA says the New York State average is down two cents from last week at $2.50 per gallon, but still much higher than $2.07 per gallon last year.

Gas in Buffalo is $2.46 per gallon, down one cent from last week, according to AAA of Western and Central New York.

The national average price of gas is declining as the production of U.S. oil increases. New York is following this trend, but is still in the top 10 most expensive markets in the country. Today, New York ranks eighth for average prices.

According to Oil Price Information Service, gasoline prices are going down because demand is down 7.7% from last year - the largest decline since 2014.

AAA says prices are expected to increase in the spring.