Press release from AAA:
Today’s national average price for a gallon of gasoline is $2.44, down 3 cents since last week. One year ago, the price was $2.43. The New York State average is $2.59 – down 2 cents from last week. A year ago, the NYS average was $2.53.
AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia -- $2.59 (no change since last week)
- Buffalo -- $2.53 (down 1 cent since last week)
- Ithaca -- $2.62 (no change since last week)
- Rochester -- $2.56 (up 1 cent since last week)
- Rome -- $2.61 (down 1 cent since last week)
- Syracuse -- $2.51 (up 3 cents since last week)
- Watertown -- $2.58 (down 3 cents since last week)
Data from the Energy Information Administration shows that total domestic gasoline supplies remain high – and the level is much higher than one year ago. That has helped to push pump prices lower across the country as crude oil remains cheap.
Oil prices plummeted at the end of February as coronavirus shut down factories in China, which is the largest importer of oil. The drop in demand pushed oil prices down though some varieties (WTI & Brent Crude) have begun to inch up this morning.
The global drop in demand is likely to continue through the end of the winter driving season. However, refinery maintenance, which is just beginning now, could impact prices in the month of March.
From GasBuddy:
"As the spread of the coronavirus induces panic on markets, oil prices have been walloped and motorists should avoid filling up as the plummet in oil prices starts showing up at their local gas station in the days ahead," said Patrick DeHaan, head of petroleum analysis for GasBuddy.
"Nearly every village, town and city in every state will see gas prices dropping -- the pace may vary, of course -- but over the next week gas prices will move lower solidly, barring any dramatic improvement in the spread of the virus.
The drop in oil is little comfort to those who've been watching the stock market fall, but gas stations have plenty of room to drop prices, in some cases nearly 25-35 cent drops over the next few weeks will happen.
My advice for motorists is delay buying gasoline and expect noticeable drops for the time being as the world obsesses over the spread of COVID-19."
