Press release from AAA:
Today’s national average price for a gallon of gasoline is $1.93, down 7 cents since last week. One year ago, the price was $2.74. The New York State average is $2.30 – down 4 cents from last week. A year ago, the NYS average was $2.76.
AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $2.38 (down 4 cents since last week)
- Buffalo - $2.33 (down 4 cents since last week)
- Ithaca - $2.32 (down 9 cents since last week)
- Rochester - $2.27 (down 6 cents since last week)
- Rome - $2.29 (down 5 cents since last week)
- Syracuse - $2.24 (down 4 cents since last week)
- Watertown - $2.29 (down 4 cents since last week)
Today, most states have gas price averages under $2 per gallon. New York State prices have dropped; however, the state remains in the top eight highest-priced states across the country.
The image in this link demonstrates gas prices across the United States. Typically, New York prices are higher than the national average and prices are slower to drop compared to most other states.
Pump prices continue to decline around the country as oil prices have decreased significantly in response to the increasing public health, financial and economic impact of COVID-19.
The Energy Information Administration (EIA) released data that shows gas demand has decreased significantly. According to EIA’s historical gas demand data, demand has not been this low since 1993.
As more Americans practice social distancing, gas demand is likely to continue decreasing and push pump prices even lower.
From GasBuddy:
"The national average continues to fall as every state has seen yet another decline in average gas prices over the last week as overall oil demand remains constrained due to COVID-19," said Patrick DeHaan, head of petroleum analysis for GasBuddy.
"The decline has been most significant thus far in the Great Lakes, due to the region being landlocked and challenging to ship gasoline out of, prices have been depressed significantly, driving these states to some of the lowest prices in the country. In fact, Wisconsin yesterday saw its lowest state average for gasoline in nearly 6,300 days -- they haven't been lower since 2003.
"For those not in the Great Lakes, there's still good news: average prices will continue to play catch up for the next few weeks or longer. Do keep an eye on this week's potential meeting between major oil producers Russia and Saudi Arabia, however.
On hopes of a production cut, oil rallied nearly $7 per barrel last week, but tomorrow's meeting was postponed. If there is an oil production cut, it may establish a floor to oil prices, but motorists need not worry -- if there is a cut, it is highly unlikely to cause a surge in gas prices, as retail prices have not come close to matching the declines in wholesale prices to this point."
