Gas and oil prices drop slightly, but Americans still feeling the pain from each pump visit

Although it’s not enough for what most Americans would call “relief,” gas and oil prices continue inching downward.

As of Monday, the national average for a gallon of gas was just shy of $4.90, according to the AAA. Economic fears of a potential global recession leading to less demand for oil dropped the price to around $107 per barrel, down from $110 last week.

“Fear is not a good reason to move a market like the one for oil, but it is a powerful motivator,” said Andrew Gross, AAA spokesperson.

“The cost of oil accounts for nearly $3 for every $4.89 at the gas pump. Consumers should find more relief when fueling up if oil prices drop further.”

A year ago, the national average gallon of gas was $3.09. In New York, the average gallon costs $4.95.

Within our four-county listening region, the average prices hover between $4.95 and $4.99. 

Images courtesy via the AAA.