Press release from AAA:
Today’s national average price for a gallon of gasoline is $2.55, down 2 cents since last week. One year ago, the price was $2.38. The New York State average is $2.67 – down 1 cent from last week.
A year ago, the NYS average was $2.71. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $2.65 (down 1 cent since last week)
- Buffalo - $2.61 (no change since last week)
- Ithaca - $2.66 (no change since last week)
- Rochester - $2.65 (no change since last week)
- Rome - $2.61 (no change since last week)
- Syracuse - $2.58 (down 1 cent since last week)
- Watertown - $2.66 (no change since last week)
Total domestic gasoline stocks continue to increase, according to data from the Energy Information Administration (EIA). Stocks increased by 5.4 million barrels in the most recent report, bringing the total to 234.8 million barrels. Additionally, gas demand decreased.
As stocks continue to grow, while demand decreases, pump prices across the nation are likely to continue seeing downward pressure this week before holiday travel begins.
Gas prices are higher this year than one year ago. The year-over-year difference is due to higher crude prices this winter compared to last year.
From Gas Buddy:
"Gasoline prices have now slid to their lowest level since March thanks to rising U.S. gasoline inventories and sluggish demand, certainly bringing some Christmas cheer to motorists," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "The jump in gasoline inventories has been so large it has offset oil prices which touched $60 per barrel last week, as well as the U.S. and China suggesting they've reached a trade deal.
"Pending more significant proven trade ties between the two major countries, we may have seen the rally in oil stall for now, as refined product inventories post notable jumps going into the end of the year. It may take more inspiration for oil's recent run to translate over into lackluster gasoline, with motorists the clear beneficiaries -- they'll be able to spend a bit more on shopping for those last-minute Christmas gifts."
