Press release from AAA:
Today’s national average price for a gallon of gasoline is $2.56, down a penny from last week. One year ago, the price was $2.85. The New York State average is $2.74 – down 3 cents from last week. A year ago, the NYS average was $3.
AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia -- $2.71 (down 5 cents since last week)
- Buffalo -- $2.71 (down 3 cents since last week)
- Ithaca -- $2.64 (down 4 cents since last week)
- Rochester -- $2.71 (down 2 cents since last week)
- Rome -- $2.74 (down 2 cents since last week)
- Syracuse -- $2.60 (down 3 cents since last week)
- Watertown -- $2.70 (down 2 cents since last week)
With the fall driving season on the horizon, lower demand -- even amid reduced stock levels – will likely help to push pump prices lower. Winter blend fuel is also cheaper to produce.
At the close of Friday’s formal trading session, oil prices settled at $56.52 – up slightly. Oil prices started the day lower due to continued market concerns over the U.S.-China trade war. If tensions between the countries escalate and result in more tariffs, market observers are concerned that oil demand from the two largest oil-consuming countries will decline.
Earlier this week, domestic crude prices rose after the Energy Information Administration (EIA) reported that total domestic crude inventories fell by 4.8 million barrels last week. At 423 million barrels, stocks are approximately 21.5 million barrels higher than were they were at the end of August 2018. The higher inventory level has contributed to cheaper crude prices, helping to keep gas prices less expensive than last summer.
If crude inventories remain high, especially as gasoline demand drops with the fall driving season, pump prices could be as cheap as $2.40 this fall.
