Gas Prices Continue to Drop amid Social Distancing
Gas Prices Continue to Drop amid Social Distancing
Today’s national average price for a gallon of gasoline is $1.81, down five cents since last week. One year ago, the price was $2.84. The New York State average is $2.22 – down three cents from last week. A year ago, the NYS average was $2.88. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $2.27 (down four cents since last week)
- Buffalo - $2.27 (down four cents since last week)
- Ithaca - $2.26 (down one cent since last week)
- Rochester - $2.22 (down two cents since last week)
- Rome - $2.21 (down three cents since last week)
- Syracuse - $2.14 (down five cents since last week)
- Watertown - $2.19 (down five cents since last week)
Growing domestic gas supply and lower demand, as Americans practice social distancing, and low crude prices due to COVID-19 continue to push pump prices down. With Americans following stay at home orders and refiners producing excess gasoline, growing gasoline inventories and low demand will continue to push pump prices lower.
Crude oil prices have fallen steadily as the global public health, financial and economic impact of COVID-19 has increased. As a result of COVID-19, the International Energy Agency’s (IEA) monthly report for April 2020 revealed that global oil demand is projected to hit a 25-year low and fall by a record 9.3 million barrels per day this year. According to IEA, global crude demand for April 2020 is expected to be 29 million barrels per day lower than April 2019 — a level unseen since 1995.
AAA members receive discounts at gas stations such as Fastrac, Maple Leaf Market and Shell locations across the country. Learn more here. You can find the lowest prices in your area at http://aaa.opisnet.com/index.aspx. Motorists can always find current gas prices along their route with the free AAA Mobile app for iPhone, iPad, and Android. The app can also be used to map a route, find discounts, book a hotel, and access AAA roadside assistance. Locate gas prices across the country at http://gasprices.aaa.com.