Press release for AAA of WNY:
Today’s national average price for a gallon of gasoline is $2.25, relatively stable since last week. One year ago, the price was $2.54. The New York State average is $2.52 – down 3 cents 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 -- $2.56 (down 1 cent since last week)
- Buffalo -- $2.57 (down 3 cents since last week)
- Ithaca -- $2.40 (down 1 cent since last week)
- Rochester -- $2.48 (down 4 cents since last week)
- Rome -- $2.50 (down 3 cents since last week)
- Syracuse -- $2.41 (down 2 cents since last week)
- Watertown -- $2.50 (down 5 cents since last week)
Crude oil prices have increased by $5/bbl since the beginning of the year, but oversupply of crude in the market and low demand have helped to keep the national average relatively stable. Crude oil prices will be a dominant factor toward determining if motorists will see slightly cheaper or more expensive pump prices in coming weeks.
OPEC released a list of specific production cuts from its members and other members of its global pact to cut global production by 1.2 million b/d for the first six months of 2019. The list has helped to bolster market confidence in seeing the global glut of crude decline, which will ultimately help to increase crude prices.
