AAA says prices at the gas pump have gone down at the national and state levels following the announcement of a ceasefire between the U.S. and Iran. The nationwide average has fallen by more than eight cents per gallon to $4.04 since last Monday, and New York State’s average dropped by over two cents to $4.11. However, Chautauqua County’s average has increased by more than two cents and is currently $4.12. One year ago, the national and statewide averages were $3.16 and $3.09, respectively.
Since the ceasefire announcement, the price for a barrel of crude oil has continued to trade below $100. However, maritime traffic transiting the Strait of Hormuz remains subdued as regional tensions persist and negotiations continue. As of Monday morning, oil prices ranged from $88-94 per barrel…