Press release from the Automobile Association of America:
Today’s national average price for a gallon of gasoline is $4.36, down 17 cents from last week. One year ago, the price was $3.16. The New York State average is $4.58, down 12 cents since last Monday. A year ago, the NYS average was $3.19. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $4.52 (down 10 cents from last week)
- Buffalo - $4.58 (down 11 cents from last week)
- Elmira - $4.60 (down 11 cents from last week)
- Ithaca - $4.71 (down 9 cents from last week)
- Rochester - $4.68 (down 10 cents from last week)
- Rome - $4.76 (down 7 cents from last week)
- Syracuse - $4.65 (down 8 cents from last week)
- Watertown - $4.75 (down 9 cents from last week)
According to the latest data from the Energy Information Administration (EIA), gas demand increased last week but was lower than this time last year and was more in line with the demand seen in mid-July 2020, when COVID-19 regulations curbed demand. Additionally, total domestic gasoline socks increased, signaling that low demand led to growth in inventory last week. If demand remains low as stocks increase, alongside a continuing reduction in crude oil prices, drivers will likely see pump prices continue to decline.
From Gas Buddy:
“Gas prices continue falling coast to coast, with the national average last week declining for the sixth straight week, or 40 days in a row. The national average is now down an astounding 70 cents in that timeframe," said Patrick De Haan, head of petroleum analysis at GasBuddy. "I have no reason yet to expect the decline won't reach seven straight weeks, as gas stations still have plenty of room to decline as oil prices remain under $100 per barrel. However, should the tropics become more active, the decline could eventually reverse. In addition, this week we'll see GDP data for the second quarter, and if it's better than expected, we may see oil rally, slowing the descent. For now, nine states are seeing average prices under $4 per gallon, a number that will rise this week, with over 40,000 stations under that level, keeping $266 million per day in motorists’ wallets versus mid-June."
