Rochester, New York – Record-high gas prices during the summer months are now definitely a thing of the past as gas prices continue to decline both nationwide and globally. This trend, according to industry experts, is expected to continue in the upcoming weeks, and Americans will potentially see even lower gas prices by Christmas.
Lockdowns in China seem to be the major reason for low oil demand globally, resulting in low prices, as millions of people are locked at home as a result of China’s “zero-covid” policy. Another major factor that negatively impacts the demand is the fear of a possible recession that is very likely to happen sometime next year, which would further lower the demand for gas.
Industry experts thought that after the OPEC+ meeting over the weekend, oil prices might go up as soon as this week because of fears that oil production would be cut even more. However, OPEC+ members decided to keep oil production at the same level, at least for now.
Local gas prices have been going down for several weeks now. According to GasBuddy’s latest weekly gas price report, the average price of a gallon of gas locally in Rochester now costs $3.70, which is 6 cents less compared to the week before.
The national average gas price is now $3.66 per gallon, which is 15.8 cents less compared to the week before and 43.0 cents per gallon less than a month ago.
The cheapest gas in Rochester this week was $3.23 per gallon on Sunday, while the most expensive was 66 cents higher, according to a GasBuddy survey. You can find the cheapest local stations through a link to GasBuddy.
Residents in the Rochester area are currently paying 28 cents less per gallon due to gas tax reliefs enacted locally by Monroe County and state officials. Local residents save 12 cents per gallon of gas thanks to state gas tax relief, and an additional 16 cents thanks to Monroe County gas tax relief. Both gas tax reliefs are set to end on December 31, but Monroe County is considering extending this measure for another six months.