Gasoline prices in many parts of the country could fall below $2 per gallon for the first time in more than six years, according to industry experts.
Motorists continue to benefit from declining prices at the pumps. While the same is true in the Buffalo area, gas prices in Western New York continue to be higher than the national average. Patrick DeHaan, a Senior Petroleum Analyst at GasBuddy, said local pump prices will not likely dip below $2 in the coming weeks. The average price in the region was $2.29 on Monday. A year ago, local gas prices were hovering near $3.30.
DeHaan attributes the fall in prices to three main factors.
“Decline in gasoline demand, as the temperatures cool off American’s consume less gasoline," he explained.
"As well as cheap oil prices, and a refinery maintenance season that’s nearing completion."
Why are gas prices in the region typically higher than the national average?
“Well it’s generally because Buffalo and the State of New York’s higher than average gasoline taxes,
DeHaan replied. "In fact, I would say that would account for most of it, as well as Buffalo’s position kind of away from key oil infrastructure on the east coast. "
Earlier this year, US Energy Information Administration released a report indicating that Buffalo is at the end of two supply pipelines. Therefore, the Buffalo region is slower to respond to gasoline price reductions than other locales.
Should holiday motorists expect gasoline prices to increase as more people hit the roads?
“I really don’t see much of a change in prices before Thanksgiving," he predicted. "If anything, I think prices will continue their downward trend. So you may notice prices will be a penny or two lower than where they stand today.”