Press release from AAA:
Today’s national average price for a gallon of gasoline is $3.05, no change since Memorial Day. One year ago, the price was $2.02. The New York State average is $3.09 – up 1 cent from Memorial Day. A year ago, the NYS average was $2.20.
AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia -- $3.02 (up 2 cents since last Monday)
- Buffalo -- $3.01 (up 2 cents since last Monday)
- Ithaca -- $3.03 (up 3 cents change since last Monday)
- Rochester -- $3.03 (no change since last Monday)
- Rome -- $3.15 (up 3 cents since last Monday)
- Syracuse -- $3.04 (no change since last Monday)
- Watertown -- $3.14 (up 1 cent since last Monday)
The latest Energy Information Administration report with new gas demand data shows demand dropped from 9.48 million b/d to 9.15 million b/d, while total domestic gas stocks increased by 1.5 million. The demand decrease and supply increase has helped to stabilize pump prices nationally and will likely help prices remain stable into summer. If that happens, local price should begin to stabilize, too.
Crude prices increased after the Organization of the Petroleum Exporting Countries (OPEC), and its allies including Russia, announced they still plan to gradually increase crude production in July. The move could help reduce pump prices later this summer, but the amount of the price reduction will depend on how well OPEC and its allies adhere to their agreement and if the additional production is not met with higher demand. OPEC and its allies will meet again on July 1 to review their production agreement.
From GasBuddy:
"We're entering our fourth straight week with the national average above the key $3 per gallon level, but while gas prices haven't broken past the low $3s, they have also failed to decline much from their peak as demand for gasoline continues to push higher as the summer driving season is underway," said Patrick De Haan, head of petroleum analysis for GasBuddy.
"According to GasBuddy data, gasoline demand last week eclipsed the prior week, when millions of Americans were gearing up for Memorial Day travel, not an easy feat, but highlights that economic conditions are ripe for continued growth in demand, contributing to prices holding at high levels.
"As OPEC has maintained a slow but steady increase in oil production, that additional production is quickly being gobbled up by a global economy that continues to recover. Our current gas prices likely won't change much by July 4, but remain stubbornly high, barring any major curveballs to supply and demand."
