Press release from AAA:
Today’s national average price for a gallon of gasoline is $1.78, up 1 cent since last week. One year ago, the price was $2.90. The New York State average is $2.16 – down 2 cents from last week. A year ago, the NYS average was $2.97. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia -- $2.23 (down 4 cents since last week)
- Buffalo -- $2.21 (down 2 cents since last week)
- Ithaca -- $2.13 (down 6 cents since last week)
- Rochester -- $2.18 (down 2 cents since last week)
- Rome -- $2.11 (down 2 cents since last week)
- Syracuse -- $2.06 (down 2 cents since last week)
- Watertown -- $2.13 (down 2 cents since last week)
After steadily declining because of low gas demand and cheap crude prices due to COVID-19, the national average for a gallon of regular gasoline has increased for the first time in 10 weeks.
Today’s national average is still historically low – at $1.78, which is $1.12 less than a year ago. Data from the Energy Information Administration reveals that domestic gas demand continues to increase, which helped to push up the national average. It grew from 5.31 million b/d (barrels per day) to 5.86 million b/d recently; however, it is still 3.37 million b/d lower than last year’s rate at this same time.
As more states aim to end their stay at home orders and businesses around the country begin to reopen, gas demand is likely to continue increasing and pump prices are likely to slow their decline and possibly increase as well. Local prices continue to drop as they are slower to react to national trends.
From GasBuddy:
"It's becoming a bit clearer that those 99 cent per gallon gas prices from the COVID-19 pandemic are solidly behind us as gasoline demand rebounds across the country as cities and states slowly reopen. The lowest-priced stations in the country will see some upward movement, but most areas will still see declines," said Patrick DeHaan, head of petroleum analysis at GasBuddy.
"While oil may continue to struggle, a disconnect between low oil prices and rising gasoline prices has emerged at the hands of refineries that have slowed production over the past month to avoid flooding the market with unwanted gasoline. As demand stages a rebound, it remains to be seen how quickly refiners will raise production to meet the locations that have or will begin to re-open in the days and weeks ahead.
"For now, expect prices to see upward potential- but only in the lower -- priced states -- as we await a boost in gasoline production."
