Rochester’s gas prices continue falling, now just over $4 per gallon
ROCHESTER, N.Y. — Rochester’s average gas prices have fallen by 10 cents or more for the past three weeks in a row. Prices are now $4.03 per gallon, which is down from Rochester’s all-time high of $4.99 set on June 15.
Local prices fell by 11 cents this week and by $0.46 over the course of four weeks, according to AAA.
The statewide average gas price, now $3.89, has also fallen late into the summer. Prices fell by seven cents this week and $0.48 during the past four weeks.
Both local and statewide prices are higher than the national average, which is $3.72. The state with the lowest gas price is New Mexico.
News10NBC reported that gas prices are falling slower in New York State because much of the northeast depends on imported oil, which has been in short supply. A short supply and high demand have led to a jump in prices, despite state and local gas tax relief. On the other hand, regions that can refine oil locally, like the midwest, have a greater supply leading to lower prices.
Rochester ranks near the top for most expensive gas in western New York. Prices in Buffalo and Syracuse this week were both six cents lower than in Rochester. This week, Elmira had the lowest prices in upstate New York at $3.81 per gallon while Watertown had the highest at $4.07 per gallon.
The cheapest gas in Rochester was $3.36 per gallon on Sunday while the most expensive was 97 cents higher, found a GasBuddy’s survey. You can find the cheapest local stations through a link to GasBuddy.
The state and Monroe County gas tax relief has been in effect since June 1, aiming to save consumers $0.28 per gallon at the pump.
News10NBC reported on a study that suggests that, while consumers benefited initially from the NY gas tax relief, middlemen and retailers eventually absorbed the gas tax. That leads to less savings for consumers.
Gas prices have skyrocketed over the past year because of rapid recovery from the pandemic increased the demand so high that supply couldn’t keep up. Europe’s restrictions on importing Russian oil also scrambled world oil prices, affecting the U.S. even though the U.S. imports very little Russian oil.
Because the summer travel season has ended, there is a lower demand for gas which causes prices to keep dropping. According to GasBuddy, prices are also dropping because refineries across the west coast are producing more oil. The national average for gas prices has fallen for 13 weeks in a row.
You can explore gas price trends on the website for AAA.