Americans are on the move this weekend, as over a third of the country prepares for a car journey of 50 miles or more for the holiday weekend, making fuel prices a major consideration.
In the past week, the average price of gas in the Syracuse area has fallen 11 cents, to $4.12 a gallon, according to the latest Triple A survey. The dip comes just in time for holiday weekend travel for many in the region.
Despite the dip, the current NYS average for a gallon of regular is nearly a dollar more than it was this time last year. New York currently ranks as the 8th most expensive state to buy gas, sitting well above the national average price of $3.86, down 6 cents this week.
However, the decline in prices both locally and nationwide is not an isolated incident, as prices in the Empire State have slowly come down through June from over $4.50 a month ago. Analysts say the downward trend doesn’t seem to be stopping, pending the results of upcoming US-Iran peace talks set to take place amidst a tenuous ceasefire.
Despite fresh strikes over the weekend, US-Iran peace talks have eased the blockade of the strait of Hormuz, allowing for crude oil to flow into the open market relieving some of the scarcity that drove up prices throughout the first half of the year.
This stabilization in global energy supply, coupled with increased summer fuel demands, has allowed for a more stable market to take hold, leading to the slow but steady decrease in domestic gas prices.
Diesel prices are down this week as well, with the national average at $4.86, down 15 cents from last week. Meanwhile, the New York average for diesel is $5.47, down 13 cents from last week. The significant drop in diesel could have more wide ranging effects on the economy, possibly easing food prices.
To conserve fuel this holiday weekend, Triple A suggests travelers should avoid peak rush hours, combine errands into one trip, ensure tire pressure is at optimal levels, and avoid unnecessary weight.
