Press release from Automobile Club of America:
Today’s national average price for a gallon of gasoline is $4.25, no change from last week. One year ago, the price was $2.86. The New York State average is 4.35, down 2 cents from last week. A year ago, the NYS average was $2.91. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $4.36 (up 1 cent from last week)
- Buffalo - $4.36 (down 1 cent from last week)
- Elmira - $4.25 (down 6 cents from last week)
- Ithaca - $4.32 (down 1 cent from last week)
- Rochester - $4.38 (no change from last week)
- Rome - $4.28 (down 2 cents from last week)
- Syracuse - $4.31 (down 2 cents from last week)
- Watertown - $4.35 (up 1 cent from last week)
Data from the Energy Information Administration (EIA) shows that total domestic gasoline stocks are down along with gasoline demand. The drop in demand is offset by an increase oil prices leading to price fluctuations. If oil prices continue to rise, pump prices will likely follow suit, reversing course from the downward trend.
Oil prices remain over $100 per barrel. EIA reports that total domestic crude stocks are down 18 percent compared to one year ago. The current inventory level highlights tightness in the market, contributing to higher prices.
From Gas Buddy:
“The decline we've seen in average gas prices has been slowing down, as oil prices have held above $100 after declining under that level as recently as a few weeks ago. For the near future, we’ll see a mix of slight decreases and some potential increases mixed in. California markets should finally cool off and areas could even move lower in Southern California, while the Great Lakes could see gas prices jump up after having fallen for the last week or so," said Patrick De Haan, head of petroleum analysis at GasBuddy. "While the national average should start to stabilize for the time being, there's no telling what's around the corner, at least for now, as the volatility in oil prices persists."
