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Prices at pump take steep decline

Prices at the pump are trending downward.

Today’s national average price for a gallon of gasoline is $2.26, down 12 cents since last week. One year ago, the price was $2.54. The New York State average is $2.49 – down seven cents from last week.

A year ago, the state average was $2.65. AAA Western and Central New York says the cost for a gallon of gas is $2.45 in our region — a decrease of six cents from last week.

Pump prices continue to decrease as the global economy faces significant downward pressure from COVID-19 fears and the ongoing crude price war. Since Monday, the national average for a gallon of regular gasoline has dropped by 12 cents, which is very unusual. Cheap crude prices have helped to push gas prices lower than expected. If crude prices remain low, American motorists will likely see continued relief at the pump during the run-up to spring as the world grapples with how to contain the global public health threat and financial risks associated with COVID-19.

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