Press release from Automobile Association of America:
Today’s national average price for a gallon of gasoline is $4.68, down 13 cents from last Monday and down 12 cents since reported last Tuesday. One year ago, the price was $3.14. The New York State average is $4.80, down 9 cents since last Monday. A year ago, the NYS average was $3.20. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $4.72 (down 8 cents from last Tuesday)
- Buffalo - $4.76 (down 5 cents from last Tuesday)
- Elmira - $4.79 (down 8 cents from last Tuesday)
- Ithaca - $4.86 (down 5 cents from last Tuesday)
- Rochester - $4.86 (down 7 cents from last Tuesday)
- Rome - $4.90 (down 5 cents from last Tuesday)
- Syracuse - $4.81 (down 7 cents from last Tuesday)
- Watertown - $4.90 (down 3 cents from last Tuesday)
Early last week, unleaded gasoline dropped below $5 a gallon at about 80% of gas stations across the country as oil prices dropped amid broad market concern regarding a potential slow, or even stall, of economic growth due to rising interest rates and inflation. A lower economic growth rate than expected could cause crude demand to further decline, leading pump prices to follow suit. This morning, oil prices are at $103 to $105, down slightly from the $103 to $107 per barrel seen last Tuesday.
Last Wednesday, data from the Energy Information Administration (EIA) showed that gas demand sat at 8.93 million b/d, which was lower the last year’s rate of 9.11 million b/d at the end of June. On the other hand, domestic gasoline stocks increased by 2.6 million bbl to 221.6 million bbl. These supply and demand dynamics, along with decreasing oil prices, have pushed pump prices lower. If these trends continue, drivers will likely continue to see relief at the pump.
From Gas Buddy:
“The national average has declined for 27 days straight, or four weeks, the longest decline in average gas prices since the pandemic started in 2020. Average gas prices are down nearly 40 cents, with Americans shelling out $140 million less on gasoline every day than they did a month ago," said Patrick De Haan, head of petroleum analysis at GasBuddy. "We may see the trend last a fifth week, as long as oil prices remain cooperative and don't surge beyond $105 per barrel, and as long as refinery production of gasoline remains strong. But we're not completely out of the woods yet - we could also see a sharp reversal in the decline. There remains risk of a spike in prices that could send us to new record levels in August, should any disruptions occur. It could be a wild ride, but for now, the plummet at the pump shall continue."
