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November 23, 2020 - 4:55pm

Demand for gas is down, fueling price drop

posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.11, down 2 cents from one week ago. One year ago, the price was $2.59. The New York State average is $2.22 – down 1 cent from last week. A year ago, the NYS average was $2.69.

AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia -- $2.18 (down 1 cent since last week)
  • Buffalo -- $2.18 (down 2 cents since last week)
  • Ithaca -- $2.18 (down 1 cent since last week)
  • Rochester -- $2.21 (down 2 cents since last week)
  • Rome -- $2.30 (down 1 cent since last week)
  • Syracuse -- $2.13 (down 2 cents since last week)
  • Watertown -- $2.28 (no change since last week)

The national average for a gallon of regular gasoline is down, while state and local prices follow. In a recent report from the Energy Information Administration (EIA), gas demand decreased, while total domestic stocks increased. That helped the national average to decrease this week. Demand may increase with the Thanksgiving holiday, but travelers should expect pump prices to remain much cheaper, and more affordable, than last year.

Meanwhile, crude prices have been fluctuating – they decreased amid rising coronavirus infection rates across the country, yet they increased amid growing market optimism that a vaccine for the coronavirus will soon be available. The current surge in the number of infections domestically has capped price gains while states increase measures meant to stop the spread of the virus.

From GasBuddy:

With Thanksgiving nearly upon us and fewer Americans hitting the road, gas prices have seen some downward movement over the last week, even as oil prices hold near recent highs," said Patrick De Haan, head of petroleum analysis for GasBuddy. "We may end up seeing the lowest Thanksgiving prices in five years if prices continue to trend lower this week, a sign of how the coronavirus has sapped demand for the majority of the year.

"Between now and the end of the year, we aren't likely to see many fireworks at the pump as demand continues to remain well below prior years, but as a vaccine is set to be released in the months ahead, prices will likely aim for higher ground, so motorists take heed that today's prices may not hold for much longer."

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