Press release from Automobile Association of America:
Today’s national average price for a gallon of gasoline is $4.21, down 15 cents from one week ago. One year ago, the price was $3.17. The New York State average is $4.52, down 6 cents since last Monday. A year ago, the NYS average was $3.21. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $4.49 (down 3 cents from last week)
- Buffalo - $4.51 (down 7 cents from last week)
- Elmira - $4.50 (down 10 cents from last week)
- Ithaca - $4.65 (down 6 cents from last week)
- Rochester - $4.61 (down 7 cents from last week)
- Rome - $4.70 (down 6 cents from last week)
- Syracuse - $4.58 (down 7 cents from last week)
- Watertown - $4.72 (down 3 cents from last week)
According to the latest data from the Energy Information Administration (EIA), gas demand increased in recent weeks while inventory levels dropped, which could pressure pump prices and slow price decreases if the trend holds. Yet for now, prices continue to drop.
Crude prices continue to fluctuate and impact pump prices. This morning, oil is priced at $98 to $104 per barrel. If oil prices increase, gas prices will likley follow as oil accounts for half of each gallon of gasoline produced.
From Gas Buddy:
“We continue to see average gas prices falling in every state, with the national average down for the seventh straight week. Even better, nearly 20 states have also seen their average decline to $3.99 or less, with over 70,000 stations now at that level or below," said Patrick De Haan, head of petroleum analysis at GasBuddy. "The outlook is for a continued drop in most areas. However, some supply tightness in areas of the Northeastern U.S. could push prices up slightly until inventories rise, or imports do. For now, Americans are seeing prices nearly 90 cents lower than their mid-June peak and are spending close to $330 million less on gasoline every day as a result. As long as oil prices hold at these levels or lower, we'll see another decline in most areas this week."
