Press release:
Today’s national average price for a gallon of gasoline is $3.31, down two cents from last week. One year ago, the price was $2.22. The New York State average is $3.51, down one cent from last week. A year ago, the NYS average was $2.30. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $3.46 (down one cent from last week)
- Buffalo - $3.46 (no change from last week)
- Ithaca - $3.50 (no change from last week)
- Rochester - $3.51 (no change from last week)
- Rome - $3.53 (down one cent from last week)
- Syracuse - $3.47 (down one cent from last week)
- Watertown - $3.54 (down one cent from last week)
Since Monday, the national average for a gallon of regular gasoline has decreased by two cents to $3.31. According to the Energy Information Administration (EIA), total domestic gasoline stocks are down while demand is on the rise. Typically, growing demand and tight supply would result in rising pump prices, but fluctuations in the price of crude oil have helped to put downward pressure on prices. This morning, oil prices are below $70 per barrel. Gasoline demand will likely increase with holiday travel and then drop in January when we typically see the cheapest prices of the year.
From Gas Buddy:
"For yet another week, average gasoline prices continue to fall as omicron cases surge, leading oil demand, and thus oil prices, to stall. The decline in gas prices will likely continue until new Covid cases slow down," said Patrick De Haan, head of petroleum analysis for GasBuddy. "With gas prices very likely to continue declining this week in most states, we may see Christmas gas prices fall just under their all-time high on the holiday, which was $3.26 in 2013. Beyond Christmas, with omicron cases likely to continue climbing, I do believe we'll see a more noticeable hit on gasoline demand once the holidays are over. There's a rising likelihood that we won't see gas prices rising for the rest of the year- with one caveat- gas prices in the Great Lakes states have plummeted by 30 to 50 cents in some areas, and stations in those areas may raise prices slightly should oil prices slow their decline. Aside from those areas, declines at the pump are likely to continue as we close out 2021."
