Press release from AAA:
Today’s national average price for a gallon of gasoline is $2.11, down 2 cents from one week ago. One year ago, the price was $2.62. The New York State average is $2.22 – down 1 cent 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 -- $2.18 (down 1 cent since last week)
- Buffalo -- $2.18 (down 2 cents since last week)
- Ithaca -- $2.18 (no change cent since last week)
- Rochester -- $2.22 (no change since last week)
- Rome -- $2.30 (no change since last week)
- Syracuse -- $2.14 (down 1 cent since last week)
- Watertown -- $2.28. (down 1 cent since last week)
The Energy Information Administration (EIA) reports that gas demand decreased again while total domestic stocks increased – pushing pump prices down. With demand remaining low, American drivers should expect pump prices to continue to decline.
Domestic crude prices fell last week due to market concern about increasing coronavirus infections worldwide, which could lower crude demand as countries impose new restrictions that will likely limit oil consumption. The drop in crude prices occurred despite EIA’s report showing that total domestic crude inventories dropped. Crude prices are up slightly this morning, so AAA will continue to monitor that activity.
From GasBuddy:
"As expected, previous weakness in oil has continued to translate into falling gasoline prices nearly nationwide as motorists cast their ballots last week, but the six-week trend could reverse on optimism that President-elect Biden may move quickly to get organized and Sen. Majority Leader McConnell has said stimulus is high on his agenda, aiding the economy and oil demand," said Patrick De Haan, head of petroleum analysis for GasBuddy.
"As of late Sunday, a barrel of West Texas Intermediate crude oil was up over 8 percent compared to just last Monday, a solid rally that may eventually halt the decline in gasoline prices, should the optimism continue even against a backdrop of a continued global rise in coronavirus cases.
"It remains challenging to predict how the Presidential transition may occur, and if it drags the economy down, I could see pessimism and lower prices return, but for now, it appears that a solid dose of optimism may soon drive prices up."
