Press release:
Today’s national average price for a gallon of gasoline is $2.38, down 6 cents since last week. One year ago, the price was $2.47. The New York State average is $2.56 – down 3 cents from last week.
A year ago, the NYS average was $2.59. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia -- $2.55 (down 4 cents since last week)
- Buffalo -- $2.51 (down 2 cents since last week)
- Ithaca -- $2.59 (down 3 cents since last week)
- Rochester -- $2.52 (down 4 cents since last week)
- Rome -- $2.60 (down 1 cent since last week)
- Syracuse -- $2.47 (down 4 cents since last week)
- Watertown -- $2.55 (down 3 cents since last week)
The national average for a gallon of regular unleaded gasoline has decreased by 6 cents to $2.38. A healthy stock level and cheaper crude prices continue to push pump prices down.
The trend of pump prices facing downward pressure is likely to continue through the end of the winter driving season, especially amid concerns about the coronavirus causing the price of crude to decline.
However, the current refinery maintenance season could put pressure on regional refinery utilization, supply and gas prices during the run-up to the spring driving season. Once refineries switch over to summer blend fuel, prices will start to increase since that formula is more expensive to produce.
From GasBuddy:
"It's been an unprecedented week, one in which oil majors Russia and Saudi Arabia saw anything but eye to eye on lowering oil production, leading crude oil prices to plummet 20 percent in Sunday evening trade, combined with COVID-19 fears escalating, and gas prices have nowhere to go but down and like a rock," said Patrick DeHaan, head of petroleum analysis for GasBuddy.
"Oil has now seen its value cut nearly in half after Iran tensions inflamed prices months ago and it doesn't immediately look like it will get any better. For motorists, I urge them to be in absolutely no hurry to fill up as gas prices will drop in nearly every nook and cranny of the country, from the smallest cities to the largest metros, at a time of year that prices are usually rising, we'll see anything but that. The national average came into March like a lamb and will likely be leaving like a lion, with prices roaring lower."
