Gas prices are below $4 for the first time in more than five months.
The national average price for a gallon of regular gasoline is now $3.99, AAA said Thursday. That’s down more than a dollar from a record high of $5.016 on June 14 and the lowest since Russia invaded Ukraine at the end of February, causing a rapid spike in fuel prices.
Gas prices are below $4 in some parts of New York state, too. GasBuddy reports regular fuel is as low as $3.82 per gallon in the Albany area, $3.94 near Buffalo, and $3.97 at three gas stations in Rochester; some places in the New York City area are as low as $3.71.
The New York state average for regular gas is currently $4.380, according to AAA, 66 cents below an all-time high just eight weeks ago. Syracuse gas prices are currently $4.471 for regular gas, but still falling; three Central New York gas stations are selling gas as low as $4.09, according to GasBuddy.
Gas prices peaked slightly lower at $4.97 per gallon in the Syracuse area due to tax breaks that began June 1. A suspension of state gas taxes worth 16 cents per gallon is in effect until Dec. 31, and Oswego and Onondaga counties capped gas taxes at 12 cents a gallon through the end of November.
According to the Associated Press, oil prices began rising last summer as economies began recovering from the Covid-19 pandemic and rose more sharply when the U.S. and allies announced sanctions against Russian oil earlier this year. But oil prices have fallen to $90 a barrel from more than $120 in June, and gasoline demand was down 3.3% last week compared to the same week in 2021 -- though high prices may be part of why drivers are cutting back on road trips.
A year ago, the U.S. average was $3.20 per gallon of regular gasoline. In New York state, it was about the same: $3.22.