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December 2, 2019 - 1:12pm

Gas prices steady through Thanksgiving week

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

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.59, no change since last week. One year ago, the price was $2.47. The New York State average is $2.68 – no change from last week.

 A year ago, the NYS average was $2.78. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia -- $2.66 (no change since last week)
  • Buffalo -- $2.62 (down 1 cent since last week)
  • Ithaca -- $2.66 (down 1 cent since last week)
  • Rochester -- $2.66 (down 1 cent since last week)
  • Rome -- $2.62 (no change since last week)
  • Syracuse -- $2.59 (up 1 cent since last week)
  • Watertown -- $2.66 (no change since last week)

Modest oil prices have helped to keep pump prices down through the busy holiday travel period. This year, more than 55 million people traveled 50 miles or more for Thanksgiving, according to AAA’s estimates. The national average price for regular unleaded gasoline held steady through the holiday weekend.

Now, the focus will be on the Organization of the Petroleum Exporting Countries (OPEC) and its partners who will likely decide to extend their production reduction agreement through the middle of 2020 at OPEC’s upcoming meeting in Vienna on Dec. 5 and 6.

Price gains have been limited by continued market fear that the trade war between China and the United States – the world’s two largest crude consumers – will reduce crude demand moving into next year. Also, the Energy Information Administration (EIA) reports that total domestic crude inventories are up and are higher than last year’s level at this time.

Except from Gas Buddy's press release:

"The nation's average gasoline price on Thanksgiving was slightly higher than expected at $2.58 per gallon, with a close to even split with roughly half the nation's states seeing average prices decline in the last week while the other saw upward moves on continued speculation on a possible U.S./China trade deal," said Patrick DeHaan, head of petroleum analysis for GasBuddy.

"Moving into December, aside from a possible trade deal that has been elusive for nearly 16 months, gas prices typically trend lower during the month as refiners continue to increase throughput after maintenance season and as overall weather curbs gasoline demand, easing prices. While prices are now notably higher than a year ago, I'd place much of the 'blame' on a strong U.S. economy and continued optimism that some sort of U.S. and China trade tie-up will be wrapped up."

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