Gas prices remain relatively stable throughout region
Press release from AAA:
Today’s national average price for a gallon of gasoline is $2.58, no change since last week. One year ago, the price was $2.25. The New York State average is $2.72 – no change from last week.
A year ago, the NYS average was $2.55. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $2.67 (up 1 cent since last week)
- Buffalo - $2.64 (down 1 cent since last week)
- Ithaca - $2.70 (no change since last week)
- Rochester - $2.69 (no change since last week)
- Rome - $2.70 (up 1 cent since last week)
- Syracuse - $2.63 (down 1 cent since last week)
- Watertown - $2.71 (no change since last week)
With tensions still high in the Middle East, we’ve yet to see the expected drop in gas prices that usually comes in January. However, prices remain stable despite those geopolitical issues.
With increased domestic production, the U.S. is in a better position than in the past with less reliance on the Middle East. Analysts continue to monitor the situation in Iran along with oil prices, which have a direct impact on pump prices.
The mild winter weather also has more people traveling, so demand remains strong for gasoline at this time.
"With Iran and the United States de-escalating rising tensions last week, oil prices plummeted back under $60 per barrel, a welcome sign for motorists who had believed gas prices were about to shoot up.
"For now, the reduced tensions may lead gas prices to again begin falling in most states over the next few weeks before seasonal factors then again push prices back up," said Patrick DeHaan, head of petroleum analysis for GasBuddy.
"We have a closing window of opportunity that will last about four more weeks in which we could see falling prices as demand for gasoline weakens, but by mid-February, that trend may wrap up. I don't expect to see prices fall more than 10-20 cents by then, but some clearance sales may happen in early February as refiners begin seeing challenges getting rid of the gasoline they're forced to produce.
"Bottom line: enjoy the falling prices while they last and cross your fingers that tensions continue to cool between the U.S. and Iran."