Gas prices locally — as well as across the state and nation — declined for the third straight week.
In Buffalo, the price of a gallon of regular unleaded gasoline is now $2.43, down three cents from a week ago. In Rochester, the price is down two cents to $2.42 per gallon. The New York State average is down two cents from last week to $2.50 per gallon. The national average price for regular unleaded gasoline is now $2.34 per gallon, down a penny from last week.
The latest Energy Information Association (EIA) report shows that gasoline demand increased by 252,000 barrels on the week. Despite the jump in demand, the continued oversupply of gasoline caused prices in most parts of the country to drop or remain steady.
In coming weeks, the onset of summer travel is likely to increase demand which might help dip into high gasoline stocks; however, it may not be enough demand to increase prices significantly.
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