Press release from AAA:
Today’s national average price for a gallon of gasoline is $2.65, down 6 cents from last week. One year ago, the price was $2.86. The New York State average is $2.84 – down 2 cents from last week. A year ago, the NYS average was $3.01. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia -- $2.83 (up a penny since last week)
- Buffalo -- $2.80 (down a penny since last week)
- Ithaca -- $2.77 (down 2 cents since last week)
- Rochester -- $2.79 (down 2 cents since last week)
- Rome -- $2.83 (down a penny since last week)
- Syracuse -- $2.72 (down 4 cents since last week)
- Watertown -- $2.77 (down 2 cents since last week)
In its latest weekly report, the Energy Information Administration revealed that gasoline stocks grew by an astonishing 4.4 million barrels. Total domestic stocks now sit at 235.2 million barrels.
Meanwhile, gas demand grew slightly from 9.55 million barrels per day to 9.65 million barrels per day. The increasing stock levels are contributing to pump price drops this week, even though demand remains strong.
If total domestic stocks continue to outpace demand, American motorists will likely continue to see pump prices drop this summer.
