Katerina Belales

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Nov 17, 2023, 6:04 AM

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Updated

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Amidst the upcoming holiday season, drivers are set to benefit as US oil prices experienced a significant decline, dropping nearly 6% to $72.16 per barrel Thursday.

This marks the lowest point in oil prices since July 7.

The recent sell-off signifies a stark turnaround from earlier in the fall when oil prices were on the brink of hitting $100 per barrel. Crude oil has now descended by 23% from its late-September peak.

Even preceding this recent oil market downturn, AAA reports a noteworthy drop in average U.S. gasoline prices, hitting a 10-month low at $3.33 per gallon.

However, in Westchester and the Hudson Valley regions, gasoline prices slightly differ. The average stands at $3.78 in Westchester, a slightly lower $3.74 in Rockland County, and an even lesser $3.66 in Putnam County.

These figures slightly surpass the statewide average, which currently rests at $3.62 per gallon.