Press release from AAA:
Today’s national average price for a gallon of gasoline is $2.65, down 2 cents since last week. One year ago, the price was $2.88. The New York State average is $2.74 – down a penny from last week. A year ago, the NYS average was $2.99.
AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia -- $2.71 (no change since last week)
- Buffalo -- $2.70 (down 2 cents since last week)
- Ithaca -- $2.68 (down 1 cent since last week)
- Rochester -- $2.73 (down 2 cents since last week)
- Rome -- $2.73 (down 1 cent since last week)
- Syracuse -- $2.63 (down 2 cents since last week)
- Watertown -- $2.70 (down 4 cents since last week)
At the close of Friday’s formal trading session on the NYMEX, WTI decreased by 50 cents to settle at $55.91. Oil prices were mostly mixed last week after EIA’s (Energy Information Administration) weekly report revealed that total domestic crude inventories grew. The current level is 23.5 million barrels higher than this time last year.
The higher level has kept gas prices in check after concerns that global crude demand may be impacted by the ongoing trade war between the United States and China, and global supply could be reduced due to escalating tension in the Middle East. Growing gasoline stocks are putting downward pressure on pump prices.
