Press release from AAA:
Today’s national average price for a gallon of gasoline is $3.36, down three cents from last week. One year ago, the price was $2.16. The New York State average is $3.54 – down two cents from last week. A year ago, the NYS average was $2.25. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $3.46 (up one cent from last week)
- Buffalo - $3.46 (down one cent from last week)
- Ithaca - $3.51 (down one cent from last week)
- Rochester - $3.52 (down one cent from last week)
- Rome - $3.56 (down two cents from last week)
- Syracuse - $3.49 (down one cent from last week)
- Watertown - $3.58 (down two cents from last week)
Crude oil prices tumbled amid news of the Omicron COVID-19 variant, and national pump prices quickly followed dropping three cents over the past week. It’s too soon to tell if fears of a global economic slowdown caused by the Omicron variant will push oil prices lower for the long term. But for now, the upward pricing pressure due to tightened supply and high demand seems to have abated as pump prices appear to be stabilizing. If oil prices remain lowered, local pump prices should follow.
From Gas Buddy:
"The downturn in average gas prices continued to gain momentum last week as oil prices remained at a hefty discount. This is largely due to continued anxiety over the omicron variant and because some countries have begun issuing lockdowns, keeping motorists in some countries from consuming as much fuel," said Patrick De Haan, head of petroleum analysis for GasBuddy. "While the Great Lakes region, the fastest to see prices respond to market fluctuations, is seeing hefty monthly declines approaching 30 cents per gallon, much of the rest of the country is lagging behind. But, we will see precipitous declines in the next week or two as stations continue to sell through higher priced inventory before slowly lowering their prices. It's not impossible given the conditions that price wars, where stations lower their price significantly, could emerge as stations now have considerable room to lower prices."
