No Growth at the Buffalo Pump On The Price Of Gas

When it comes to the news on the price of gas, no news is good news, right?  According to the fine folks at AAA, and their latest gas price report, the cost of gas in the greater Buffalo area remains at $3.47 for the fourth week in a row.

Get our free mobile app

Around the country, however, there is a slightly different story.  The National average price of a gallon of gas was down by two cents from the previous week, down now to $3.39 a gallon.  If we were to take the way back machine to one year ago, the national average for a gallon was  $2.23.

Things are starting to look a little better across New York State, as the price per gallon also saw a drop this week.  Elsewhere in the Empire State, the average this week for a gallon of gas is $3.56, which is down from the $3.57 we saw last week.  One year ago, things looked a lot better, as the price was sitting at $2.23 a gallon.

We still have a ways to go before we set an all-time record though.  The highest recorded price for a gallon of gas on record, according to AAA, was $4.14 a gallon on July 17th, 2008.

There may be some good news on the horizon, albeit due to COVID-19.  According to AAA, the price of crude oil took a nosedive on Friday when the Omnicron variant of COVID-19 news broke.  AAA speculates that this could cause a dip in the price of a gallon of gas in the near future.

“It’s too soon to tell if fears of a global economic slowdown caused by the Omicron variant will push oil prices lower for the long term,” said Andrew Gross, AAA spokesperson. “But for now, the upward pricing pressure due to tightened supply and high demand seems to have abated, and that will likely result in pump prices stabilizing.”