Press release from AAA:
Today’s national average price for a gallon of gasoline is $1.81, down 5 cents since last week. One year ago, the price was $2.84. The New York State average is $2.22 – down 3 cents from last week. A year ago, the NYS average was $2.88. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia -- $2.27 (down 4 cents since last week)
- Buffalo -- $2.27 (down 4 cents since last week)
- Ithaca -- $2.26 (down 1 cent since last week)
- Rochester -- $2.22 (down 2 cents since last week)
- Rome -- $2.21 (down 3 cents since last week)
- Syracuse -- $2.14 (down 5 cents since last week)
- Watertown -- $2.19 (down 5 cents since last week)
Growing domestic gas supply and lower demand, as Americans practice social distancing, and low crude prices due to COVID-19 continue to push pump prices down. With Americans following stay at home orders and refiners producing excess gasoline, growing gasoline inventories and low demand will continue to push pump prices lower.
Crude oil prices have fallen steadily as the global public health, financial and economic impact of COVID-19 has increased. As a result of COVID-19, the International Energy Agency’s (IEA) monthly report for April 2020 revealed that global oil demand is projected to hit a 25-year low and fall by a record 9.3 million barrels per day this year.
According to IEA, global crude demand for April 2020 is expected to be 29 million barrels per day lower than April 2019 — a level unseen since 1995.
From GasBuddy:
"With another drop in the national average from a week ago, we've made it eight straight weeks of decline, and for the first time in GasBuddy's 20 year history, we have two cities that are averaging under $1 per gallon," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "That's right -- not a single station under $1, but the entire city average. Truly unprecedented demand destruction has been dismantling expensive gas prices everywhere.
"With oil again at new multi-decade lows, we still have room for prices to fall nearly countrywide, though areas with lower prices will see little decline, take Wisconsin for example, while higher priced states like California have the most room to decline. With the wounds to the oil industry growing deeper, it's becoming more likely that even after most Americans return to work, there will be a hangover to the low prices that many motorists will eventually be able to take advantage of."
