Press release from AAA:
Today’s national average price for a gallon of gasoline is $3.19, with no change in the past week. One year ago, the price was $2.18. The New York State average is $3.22 – up one cent from last week. A year ago, the NYS average was $2.25. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $3.24 (up three cents since last week)
- Buffalo - $3.15 (no change since last week)
- Ithaca - $3.19 (down one cent since last week)
- Rochester - $3.20 (no change since last week)
- Rome - $3.27 (up one cent since last week)
- Syracuse - $3.19 (no change since last week)
- Watertown - $3.22 (down one cent since last week)
Summer gasoline demand is beginning to slow down. In a recent report, the Energy Information Administration (EIA) reported that gas demand dropped slightly, signaling that summer gas demand is likely softening as the school year starts in many parts of the country, in addition to COVID concerns. Additionally, total domestic gas stocks declined. The drop in demand has helped to minimize pump price increases. Crude prices have declined slightly due to market concerns that crude demand may not rebound this year as anticipated due to surging coronavirus infection rates across the globe. However, crude prices remain close to $70 per barrel, so AAA expects the national average to remain above $3 per gallon throughout the summer. Locally demand will likely remain high as Labor Day travel kicks in and students return to school later than in other parts of the country.
From Gas Buddy:
"As the number of Covid cases continues to surge globally, oil prices continue to be under pressure due to some countries instituting travel and movement limitations. This limits oil demand, which has led to the increase in gas prices slowing, and many states seeing slight drops compared to prices a week ago," said Patrick De Haan, head of petroleum analysis for GasBuddy. "In addition, the tropics are heating up, which could be a source of upward pressure on gas prices should we see a major hurricane target the Gulf Coast. However, without such a storm, gas prices may see some stability over the coming week or two, before slowly decreasing as the summer driving season wraps up."
