NEW YORK, NY (Newsource) – 2022 saw gas prices soar to record levels, but after all that pain at the pump, fuel is now cheaper than it was a year ago.
According to AAA, the average cost of regular unleaded in the U.S. is now $3.33 cents a gallon. This time last year, it was 3.34 a gallon.
The all-time record high came in June, with gas hitting just over $5 dollars a gallon. Since then, a slowing economy and recession fears have helped pushed down demand, resulting in a sharp drop in prices.
Average prices across the nation dropped by 14 cents in the past week and 47 cents in the past month.
Certain factors could push prices back up, including the war in Ukraine and Vladimir Putin’s potential response to Europe’s oil embargo and new price cap.
Also, OPEC could slash production again, and demand from China could rebound faster than expected.
Locally, AAA reports Chautauqua County’s average gas price as of Thursday at $3.82 a gallon, Cattaraugus County’s at $3.74 a gallon and New York’s average at $3.32 a gallon.