Press release from AAA:
Today’s national average price for a gallon of gasoline is $2.13, down 13 cents since last week. One year ago, the price was $2.62. The New York State average is $2.40 – down 9 cents from last week. A year ago, the NYS average was $2.70.
AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia -- $2.45 (down 3 cents since last week)
- Buffalo -- $2.41 (down 4 cents since last week)
- Ithaca -- $2.48 (down 7 cents since last week)
- Rochester -- $2.39 (down 6 cents since last week)
- Rome -- $2.40 (down 12 cents since last week)
- Syracuse -- $2.34 (down 6 cents since last week)
- Watertown -- $2.39 (down 9 cents since last week)
The national average price for a gallon of gas has dropped 25 cents over the past two weeks. Pump prices continue to decline around the country as oil prices have decreased significantly in response to the increasing public health and economic impact of COVID-19 and the crude price war between Russia and Saudi Arabia.
COVID-19 has forced gas prices down dramatically. Unfortunately, with limited travel and tourism, consumers are not benefiting.
Analysts with Oil Price Information Service (OPIS), which supplies gas price information to AAA, expect prices to continue to drop – possibly to $1.25 - $1.50 nationally by May. Some states are already below the $2 mark.
From GasBuddy:
"Gas prices have spent virtually all of March marching lower, with the drop continuing as the coronavirus destroys oil demand globally, leading to the lowest oil prices we've seen in 18 years, paving the way for still an additional 35-75 cent per gallon drop at most stations in the weeks ahead," said Patrick DeHaan, head of petroleum analysis for GasBuddy.
"I don't think I've ever seen such a collapse in prices, even including the Great Recession. What we're witnessing is easily going to go down as the great collapse in oil demand, and for motorists hurrying to fill up today, they're wasting their money as prices will continue to drop in the days ahead.
"Gas stations are passing along the drop several weeks behind, and there's plenty more room for prices to drop, putting 99 cents per gallon prices as a strong possibility for perhaps many more stations than we previously anticipated. This is truly an unprecedented turn of events."
