As we enter the month of November, AAA reports that gas prices have once again fallen.
According to the latest report, the national average price for a gallon of gas has a slight drop of one cent. However, in New York, the average price has dropped four cents to $3.53.
The report explains that the national gas price had a smaller drop compared to the state is due to fluctuating oil prices, which have decreased between $73 to $77. Diesel prices also dropped four cents nationally and one cent in New York.
Patrick De Haan, the head of petroleum analysis at GasBuddy, says drivers can blame the OPEC+ meeting for causing oil prices to jump and plummet.
“The good news is that as the dust settled, OPEC+ agreed to barely move the needle, deepening their production cuts by an additional 900,000 barrels per day in 2024, with Saudi Arabia extending their own million barrel per day cut through March,” De Haan said. “However, that wasn’t enough to offset concerns of falling global demand, which pushed oil back down to below $73 in Sunday night trading, giving hope that the national average still could fall to $2.99/gal by the end of the year.”
Source: Rochesterfirst
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