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October 26, 2020 - 12:02pm

Nationally, demand for gas drops; locally, average price unchanged

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

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.16, down 1 cent from one week ago. One year ago, the price was $2.61. The New York State average is $2.24 – down 1 cent from last week. A year ago, the NYS average was $2.70.

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

  • Batavia -- $2.20 (no change since last week)
  • Buffalo -- $2.21 (down 1 cent since last week)
  • Ithaca -- $2.18 (no change since last week)
  • Rochester -- $2.23 (down 1 cent since last week)
  • Rome -- $2.31 (no change since last week)
  • Syracuse -- $2.17 (down 1 cent since last week)
  • Watertown -- $2.29 (down 1 cent since last week)

The Energy Information Administration (EIA), reports that gas demand is decreasing. Low demand, even as total domestic stocks increased, has helped to push pump prices down. As demand remains low, American drivers should expect pump prices to continue to decline this fall.

Domestic crude prices have increased despite market concern about increasing coronavirus infections worldwide, which could lower crude demand as countries impose new restrictions that will likely limit oil consumption. However, if demand concerns continue to weigh on the market, crude prices — and gas prices — could decrease.

From GasBuddy:

"Gas price trends continue to be typical for this time of year, easing slightly in most places as demand continues its slow seasonal drop, with potential enhancement from the recent surge in new coronavirus cases," said Patrick De Haan, head of petroleum analysis for GasBuddy.

"More stations are falling back under $2 per gallon, in fact the highest amount of stations since May are now under that level, and I do believe that trend will continue at least for now as improvement in the coronavirus situation remains elusive.

"There may be minor disruption in price and localized supply challenges as Tropical Storm Zeta again takes aim for the Gulf Coast, but like we've seen with Laura, Sally and Delta, these issues have been very minor compared to a normal year due to the reduction in our gasoline appetite."

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