Gas Prices Taper Off

Gas Prices Taper Off

Gas Prices Decrease
Slight drop in oil prices reflected at the pump; gasoline demand remains high
Elizabeth Carey

Today’s national average price for a gallon of gasoline is $2.58, which is down three cents from one week ago. One year ago, the price was $2.28. The New York State average is $2.76, down two cents from last week. A year ago, the NYS average was $2.48.

AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $2.68 (no change in past week)
  • Buffalo - $2.69 (no change in past week)
  • Ithaca - $2.73 (down 1 cent in past week)
  • Rochester - $2.70 (down 1 cent in past week)
  • Rome - $2.76 (down 1 cent in past week)
  • Syracuse - $2.71 (no change in past week)
  • Watertown - $2.78 (down 1 cent in past week)

Gas prices are dipping slightly thanks to rising inventories of gasoline along the East Coast territory and an increase in crude oil supplies, in addition to the drop in oil prices last week.

Consumer gasoline demand continues to climb, hitting its highest point yet in 2018. According to the Energy Information Administration’s latest weekly petroleum status report, demand registered at 9.11 million b/d (barrels per day). That is 70,000 b/d more than the previous week and nearly 170,000 b/d more than the same time in 2017. While demand last year did not hit the 9 million b/d mark until early March, it did hit it in early February both in 2016 and 2009. Typically demand reaches high rates in March when the spring driving season kicks off. Among factors, strong consumer confidence in the economy has contributed to drivers using more gasoline than usual this winter.

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.

AAA WCNY wants to remind members that they can receive discounts at NOCO gas stations, as well as Fastrac locations. Learn more here. You can find the lowest prices in your area at http://aaa.opisnet.com/index.aspx.