Lower Demand and Increased Supply Bring Prices Down
BUFFALO, NY — Today’s national average price for a gallon of gasoline is $3.26, down 14 cents from one week ago. One year ago, the price was $3.33. The New York State average is $3.59, down 11 cents since last Monday. A year ago, the NYS average was $3.53.
AAA Western and Central New York (AAA WCNY) reports the following averages:
• Batavia – $3.47 (down 12 cents from last week)
• Buffalo – $3.62 (down 5 cents from last week)
• Elmira – $3.46 (down 10 cents from last week)
• Ithaca – $3.71 (down 5 cents from last week)
• Rochester – $3.64 (down 6 cents from last week)
• Rome – $3.67 (down 9 cents from last week)
• Syracuse – $3.57 (down 9 cents from last week)
• Watertown – $3.64 (down 14 cents from last week)
Gas prices continue to drop this week. According to data from the Energy Information Administration (EIA), gas demand remains low while stocks have risen significantly. Increasing supply and lower gasoline demand continue to push pump prices down. As demand remains low and stocks grow, drivers will likely continue to see pump prices decrease.
Meanwhile, OPEC+, a group of 23 oil-producing nations, including Saudi Arabia and Russia, met last week and decided to maintain output cuts of 2 million barrels per day, about 2% of world demand. The purpose of the move is to boost the global price of oil, which has fallen recently on fears of demand weakness, specifically in China.
Despite those efforts, this morning, oil prices range from $70 to $75 per barrel, down more than $10 per barrel from one week ago.
Diesel fuel prices dropped as well with the national average at $4.92, down 16 cents from last week, but up from $3.60 one year ago. The New York average for diesel is $5.60, down 14 cents from last week and up from $3.74 one year ago.
To conserve fuel, motorists should map routes, avoid peak traffic times like rush hour, and combine errands into one trip while using cruise control when possible. Drivers should also make sure tire pressure is at the vehicle’s recommended level for the best gas mileage while removing any unnecessary and bulky items from the car since it takes more fuel to accelerate a heavy vehicle. Get more tips here: https://gasprices.aaa.com/news/fuel-saving-tips/. Motorists can benefit from comparing pump prices before filling up with the AAA Mobile App for iPhone, iPad, and Android.
AAA members receive discounts at gas stations such as Fastrac, Maple Leaf Market and Shell. Learn more here. AAA members can save on gas by joining the Fuel Rewards at Shell program. Join now at AAA.com/Shell. Motorists can also locate gas prices across the country and stay up-to-date on the latest news and fuel-saving tips at http://gasprices.aaa.com.