Press release from AAA:
Today’s national average price for a gallon of gasoline is $3.19, up one cent in the past week. One year ago, the price was $2.18. The New York State average is $3.21 – up one cent from last week. A year ago, the NYS average was $2.26. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $3.21 (up two cents since last week)
- Buffalo - $3.15 (no change since last week)
- Ithaca - $3.20 (no change since last week)
- Rochester - $3.20 (up one cent since last week)
- Rome - $3.26 (up one cent since last week)
- Syracuse - $3.19 (up one cent since last week)
- Watertown - $3.23 (up one cent since last week)
In its latest weekly report, the Energy Information Administration (EIA) reported that gas demand increased from 9.33 million b/d to 9.78 million b/d. Not only is the demand reading very robust for peak driving season, but 2% higher than the same time period in 2019. Additionally, total domestic gas stocks declined by 5.3 million bbl to 228.9 million bbl. These trends, combined with high crude prices, have helped to increase pump prices. As crude prices remain high, though back below $70/bbl, AAA expects the national average to remain above $3 per gallon throughout the summer.
From Gas Buddy:
"Motorists have seen average gas prices edge slightly higher over the last week, even as the price of oil saw selling pressure. This leads me to believe that the tide may soon turn on gas prices, so long as we don't see hurricanes target the country. In addition, GasBuddy data showed a decline in gasoline demand last week as we inch towards the end of the summer driving season, a time when demand softens," said Patrick De Haan, head of petroleum analysis for GasBuddy. "With the factors that drive prices higher now softening, I'm hopeful that in the next few weeks, we'll start to see average gas prices declining. However, motorists shouldn't get too excited yet - larger declines will likely not come until late September and October, as we transition back to cheaper winter gasoline."
