Press release from AAA:
Today’s national average price for a gallon of gasoline is $2.60, down 2 cents since last week. One year ago, the price was $2.63. The New York State average is $2.69 – down 1 cent from last week. A year ago, the NYS average was $2.87. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia -- $2.65 (no change since last week)
- Buffalo -- $2.62 (down 2 cents since last week)
- Ithaca -- $2.66 (down 1 cent since last week)
- Rochester -- $2.66 (down 1 cent since last week)
- Rome -- $2.63 (down 1 cent since last week)
- Syracuse -- $2.58 (down 1 cent since last week)
- Watertown -- $2.66 (up 1 cent since last week)
After decreasing for several weeks, stock levels are bouncing back. The Energy Information Administration (EIA) now says that total domestic stocks of gasoline grew by 1.9 million barrels – that’s lower than last year at this time, but enough to bring gas prices down slightly over the weekend.
At the close of Friday’s formal trading session on the NYMEX, oil prices increased by 95 cents to settle at $57.72, up slightly (48 cents) from the previous week.
Crude prices have slowly been on the rise due to increased optimism that China and the United States – the world’s two largest crude consumers – are continuing to resolve ongoing trade tensions that sparked market fears that global crude demand would suffer as a result of increased tariffs between both countries. Crude inventories are up alleviating pressure on pump prices.
