Press release the Automobile Association of America:
Today’s national average price for a gallon of gasoline is $4.98, down 3 cents from last Monday. One year ago, the price was $3.07. The New York State average is $5.01 (5.008), down 3 cents since last Monday. A year ago, the NYS average was $3.13. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $4.89 (down 3 cents from last Monday)
- Buffalo - $4.89 (down 1 cent from last Monday)
- Elmira - $4.97 (down 1 cent from last Monday)
- Ithaca - $4.98 (up 1 cent from last Monday)
- Rochester - $4.97 (down 1 cent from last Monday)
- Rome - $4.98 (no change from last Monday)
- Syracuse - $4.96 (down 1 cent from last Monday)
- Watertown - $4.98 (up 2 cents from last Monday)
According to the latest data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased while gasoline demand declined slightly, which limited pump price increases.
Crude prices dropped last week amid broad market concern regarding the potential for slower economic growth after the U.S. Federal Reserve raised the interest rate by 0.75 percent. Slower than expected economic growth could cause crude demand to decline, leading to lower oil prices. This morning oil prices are at about $109 to $113 per barrel. However, as crude oil prices remain volatile, the price per gallon for gasoline will likely remain elevated.
From Gas Buddy:
“Finally some relief! For the first time in nine weeks, gasoline prices have fallen, following a broad sell-off in oil markets last week, pushing the national average back under the $5 level with most states seeing relief at the pump," said Patrick De Haan, head of petroleum analysis at GasBuddy. "I'm hopeful the trend may continue this week, especially as concerns appear to be mounting that we may be on the cusp of an economic slowdown, putting downward pressure on oil. But the coast isn't yet entirely clear. We could see the national average fall another 15 to 30 cents, if we're lucky, by the time fireworks are flying, barring any unexpected shutdowns at a time when the market is extremely sensitive to such."
