Press release from AAA:
Today’s national average price for a gallon of gasoline is $2.13, down 3 cents from one week ago. One year ago, the price was $2.61. The New York State average is $2.23 – 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 -- $2.19 (down 1 cent since last week)
- Buffalo -- $2.20 (down 1 cent since last week)
- Ithaca -- $2.18 (no change since last week)
- Rochester -- $2.22 (down 1 cent since last week)
- Rome -- $2.30 (down 1 cent since last week)
- Syracuse -- $2.15 (down 2 cents since last week)
- Watertown -- $2.29 (no change since last week)
Refineries are switching over to winter-blend fuel, which is cheaper to produce and offers savings at the pump. As gas stations begin to sell the winter blend, we should see gas prices continue to drop.
The Energy Information Administration (EIA) reports that gas demand increased from 8.29 million barrels per day to 8.55 million b/d. However, the current estimate for demand is 1.23 million b/d lower than the rate at this time in 2019.
Low demand, as total domestic stocks decreased as well, has helped pump prices decrease. As demand remains low, American drivers should expect pump prices to continue to decline this fall.
From GasBuddy:
"The drop in gas prices has accelerated in the last week as oil prices continue to slide on uncertainty over the election, stimulus and as coronavirus case counts soar, leading to more states rolling back their reopening plans," said Patrick De Haan, head of petroleum analysis for GasBuddy.
"In just the last few days, it feels like uncertainty over a potential legal fight over the U.S. election has also risen to near panic levels, all of which throws more uncertainty into the ring, keeping the United States from potentially having a clear leader to turn things around.
For now, it's virtually guaranteed that the national average will fall to under $2 per gallon in the next two weeks, so motorists need not be in a rush to fill their tanks."
