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December 2, 2019 - 1:12pm
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."

November 25, 2019 - 8:21am
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, down 1 cent since last week. One year ago, the price was $2.56. The New York State average is $2.68 – down 1cent from last week. A year ago, the NYS average was $2.83. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia -- $2.66 (up 1 cent since last week)
  • Buffalo -- $2.63 (up 1 cent since last week)
  • Ithaca -- $2.67 (up 1 cent since last week)
  • Rochester -- $2.67 (up 1 cent since last week)
  • Rome -- $2.62 (down 1 cent since last week)
  • Syracuse -- $2.58 (no change since last week)
  • Watertown -- $2.66 (no change since last week)

The national average price for regular unleaded gasoline is down a penny as we enter the Thanksgiving holiday travel period. The latest data from the Energy Information Administration (EIA) revealed that total domestic gas stocks were up last week, though they are lower than where they were last year at this time.

Growth in stocks and lower gasoline demand have helped to push the national average down by 1 cent. However, demand is likely to increase with holiday travel. This year, AAA expects more than 55 million people to travel for Thanksgiving.

The majority of travelers will travel by car, but air travel is expected to be up almost 5 percent. Gas prices are not expected to deter any travelers from making their holiday trips.

November 18, 2019 - 10:31am
posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.60, down 2 cents since last week. One year ago, the price was $2.63. The New York State average is $2.69 – down 1 cent from last week. A year ago, the NYS average was $2.87. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia -- $2.65 (no change since last week)
  • Buffalo -- $2.62 (down 2 cents since last week)
  • Ithaca -- $2.66 (down 1 cent since last week)
  • Rochester -- $2.66 (down 1 cent since last week)
  • Rome -- $2.63 (down 1 cent since last week)
  • Syracuse -- $2.58 (down 1 cent since last week)
  • Watertown -- $2.66 (up 1 cent since last week)

After decreasing for several weeks, stock levels are bouncing back. The Energy Information Administration (EIA) now says that total domestic stocks of gasoline grew by 1.9 million barrels – that’s lower than last year at this time, but enough to bring gas prices down slightly over the weekend.

At the close of Friday’s formal trading session on the NYMEX, oil prices increased by 95 cents to settle at $57.72, up slightly (48 cents) from the previous week.

Crude prices have slowly been on the rise due to increased optimism that China and the United States – the world’s two largest crude consumers – are continuing to resolve ongoing trade tensions that sparked market fears that global crude demand would suffer as a result of increased tariffs between both countries. Crude inventories are up alleviating pressure on pump prices.

November 11, 2019 - 7:53am
posted by Howard B. Owens in gas prices, news.

Press release:

Today’s national average price for a gallon of gasoline is $2.62, up 1 cent since last week. One year ago, the price was $2.70. The New York State average is $2.70 – up 1 cent from last week. A year ago, the NYS average was $2.91. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia -- $2.65 (down 1 cent since last week)
  • Buffalo -- $2.64 (down 1 cent since last week)
  • Ithaca -- $2.67 (no change since last week)
  • Rochester -- $2.67 (no change since last week)
  • Rome -- $2.64 (down 3 cents since last week)
  • Syracuse -- $2.59 (down 1 cent since last week)
  • Watertown -- $2.65 (down 1 cent since last week)

The latest data from the Energy Information Administration (EIA) reveals that total domestic stocks of gasoline decreased for the sixth consecutive week pushing stocks 10.8 million barrels lower than last year’s level at this time.

Reduced stock levels, amid robust demand, have helped to push the national gas price average higher. Although demand took a significant step back week over week, it remains higher than last year’s rate in early November. The national average could increase further if demand continues to remain robust as stocks decline.

November 4, 2019 - 10:25am
posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.61, up a penny since last week. One year ago, the price was $2.76. The New York State average is $2.69 – no change from last week.

A year ago, the NYS average was $2.94. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $2.66 (no change since last week)
  • Buffalo - $2.65 (down 1 cent since last week)
  • Ithaca - $2.67 (no change since last week)
  • Rochester - $2.67 (up 1 cent since last week)
  • Rome - $2.67 (no change since last week)
  • Syracuse - $2.60 (up 3 cents since last week)
  • Watertown - $2.66 (up 1 cent since last week)

Domestic demand for gasoline remains high as stocks continue to decline, according to data from the Energy Information Administration (EIA). Growing demand, amid tight gasoline supplies, has contributed to a nominal increase in the national average – 1 cent since in the past week.

October 28, 2019 - 11:36am
posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.60, down 5 cents since last week. One year ago, the price was $2.82. The New York State average is $2.69 – no change from last week. A year ago, the NYS average was $2.96. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $2.66 (down 1 cent since last week)
  • Buffalo - $2.66 (no change since last week)
  • Ithaca - $2.67 (up 1 cent since last week)
  • Rochester - $2.66 (down 1 cent since last week)
  • Rome - $2.67 (down 2 cents since last week)
  • Syracuse - $2.57 (down 1 cent since last week)
  • Watertown - $2.65 (down 1 cent since last week)

The national average price for gasoline is down along with total domestic gasoline stocks. The Energy Information Administration (EIA) reports a drop in gas stocks bringing the level lower than last year at this time.

Although stocks have tightened, amid robust demand, fairly low crude prices have helped to push down pump prices. The trend is likely to continue this week so local gas prices should follow the national trend.

October 21, 2019 - 11:53am
posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.65, up a penny since last week. One year ago, the price was $2.85. The New York State average is $2.69 – down a penny from last week. A year ago, the NYS average was $2.99.

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

  • Batavia -- $2.67 (down 1 cent since last week)
  • Buffalo -- $2.66 (down 1 cent since last week)
  • Ithaca -- $2.66 (no change since last week)
  • Rochester -- $2.67 (down 2 cents since last week)
  • Rome -- $2.69 (down 1 cent since last week)
  • Syracuse -- $2.58 (down 3 cents since last week)
  • Watertown -- $2.66 (no change since last week)

New data from the Energy Information Administration (EIA) shows that total domestic gasoline stocks are down compared to this time last year. Demand slipped a bit, but remains higher than last year’s rate at this time.

Until supplies increase or demand decreases, motorists may see moderate increases in pump prices, which is reflected in today’s national average.

At this time, local prices have not been impacted. At the same time, oil prices decreased by 15 cents at the close of Friday’s formal trading session. Crude inventories are up as domestic production is on the rise.

October 14, 2019 - 12:23pm
posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.64, down a penny since last week. One year ago, the price was $2.89. The New York State average is $2.70 – down 2 cents from last week. A year ago, the NYS average was $3.

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

  • Batavia -- $2.68 (down 1 cent since last week)
  • Buffalo -- $2.67 (down 1 cent since last week)
  • Ithaca -- $2.66 (down 1 cent since last week)
  • Rochester -- $2.69 (down 2 cents since last week)
  • Rome -- $2.70 (down 1 cent since last week)
  • Syracuse -- $2.58 (down 3 cents since last week)
  • Watertown -- $2.66 (down 2 cents since last week)

At the close of Friday’s formal trading session on the NYMEX, WTI increased by $1.15 to settle at $54.70. Crude prices increased after more tensions in the Middle East that could lead to a disruption in global crude supply.

Crude prices also increased based on reports that OPEC and its partners could deepen production cuts next year in an effort to reduce supply, which would lead to higher oil prices. This was not reflected in pump prices, which are down slightly over the past week.

October 7, 2019 - 11:06am
posted by Howard B. Owens in gas prices, news.

Press release:

Today’s national average price for a gallon of gasoline is $2.65, no change since last week. One year ago, the price was $2.91. The New York State average is $2.72 – down 2 cents from last week. A year ago, the NYS average was $3.01. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia -- $2.69 (down 2 cents since last week)
  • Buffalo -- $2.68 (down 2 cents since last week)
  • Ithaca -- $2.67 (down 1 cent since last week)
  • Rochester -- $2.71 (down 2 cents since last week)
  • Rome -- $2.71 (down 2 cents since last week)
  • Syracuse -- $2.61 (down2 cents since last week)
  • Watertown -- $2.68 (down 2 cents since last week)

In its latest weekly report, the Energy Information Administration’s (EIA) data revealed that gas demand is starting to decline – as is typically the case during the fall. Demand for gasoline is slowing and matches the rate seen at this time one year ago. Alongside the drop in demand, gasoline stocks are relatively stable.

The drop in demand, amid stable stock levels, has helped the majority of motorists across the country see pump prices stabilize or decline after spiking a few weeks ago when Saudi Arabia reported that two of its oil facilities were attacked. If demand continues to drop, while stocks decline or hold steady, pump prices will likely continue to stabilize.

September 30, 2019 - 10:57am
posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.65, down 2 cents since last week. One year ago, the price was $2.88. The New York State average is $2.74 – down a penny from last week. A year ago, the NYS average was $2.99.

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

  • Batavia -- $2.71 (no change since last week)
  • Buffalo -- $2.70 (down 2 cents since last week)
  • Ithaca -- $2.68 (down 1 cent since last week)
  • Rochester -- $2.73 (down 2 cents since last week)
  • Rome -- $2.73 (down 1 cent since last week)
  • Syracuse -- $2.63 (down 2 cents since last week)
  • Watertown -- $2.70 (down 4 cents since last week)

At the close of Friday’s formal trading session on the NYMEX, WTI decreased by 50 cents to settle at $55.91. Oil prices were mostly mixed last week after EIA’s (Energy Information Administration) weekly report revealed that total domestic crude inventories grew. The current level is 23.5 million barrels higher than this time last year.

The higher level has kept gas prices in check after concerns that global crude demand may be impacted by the ongoing trade war between the United States and China, and global supply could be reduced due to escalating tension in the Middle East. Growing gasoline stocks are putting downward pressure on pump prices.

September 16, 2019 - 11:33am
posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.56, no change since last week. One year ago, the price was $2.85. The New York State average is $2.72 – down 2 cents from last week. A year ago, the NYS average was $3.

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

  • Batavia - $2.69 (down 2 cents since last week)
  • Buffalo - $2.69 (down 2 cents since last week)
  • Ithaca - $2.61 (down 3 cents since last week)
  • Rochester - $2.69 (down 2 cents since last week)
  • Rome - $2.72 (down 2 cents since last week)
  • Syracuse - $2.58 (down 2 cents since last week)
  • Watertown - $2.68 (down 2 cents since last week)

In its latest petroleum status report, the Energy Information Administration (EIA) revealed that gas demand increased by 336,000 barrels per day to 9.8 million barrels per day. This latest rate is 158,000 barrels per day higher than the first week of September 2018, which is surprising as demand generally slows post-Labor Day.

AAA has noticed a trend this year where the summer travel season is extending into fall. We have seen an uptick in the number of requests for fall road trips and travelers began booking fall foliage tours earlier than usual this year. Popular locations include the Finger Lakes, the Niagara wine trail, and Northeast destinations including Maine, New Hampshire and Vermont.

EIA’s data also showed that total domestic gasoline stocks fell. Although demand rebounded to a level seen during a typical summer, cheap crude prices have helped to keep the national average mostly steady this week while regional prices all dropped.

After the initial press release went out, AAA sent the following update:

Over the weekend, Saudi Arabia experienced drone attacks on two major oil facilities – including the world’s largest, Abqaiq. The attacks have taken 5.7 million (crude) barrels per day off the market, accounting for about 6 percent of the global supply.

Prior to the attacks, global crude oil supply was very healthy, in fact sitting on a global glut of stocks. This had driven the price of crude oil cheaper – as low as $52/bbl (West Texas Intermediate, WTI) this year – and led to lower gas prices, too.

Despite the global glut of crude, initial market reaction to the attacks spiked crude oil prices.  At the start of the work week, crude oil (WTI) is trading for $5/bbl more than on Friday’s closing, up to $61/bbl – a price point for crude not seen since May (when gas prices were at their highest point this year). 

Since the price of crude accounts for at least 50 percent of the total retail price, as crude increases so will the price Americans pay to fill-up.

Right now, AAA is forecasting that Americans can expect local pump prices to start to increase this week.

The jump could end up being as much as a quarter seen throughout this month. Whether this is a short or long term trend will be determined by the price of crude oil and how quickly the facilities in Saudi Arabia can recover. Damage to the facilities is still being accessed, but there is no word if it will be days, weeks or even months before infrastructure is repaired and back online.

To ease concerns, President Trump said he has authorized the release of crude from the Strategic Petroleum Reserve. Other Saudi-oil-consuming countries also have emergency reserves to help backfill the global loss, if needed.

Notably, the United States currently depends less on crude imports from Saudi Arabia. The latest Energy Information Administration (EIA) report showed that the United States imported the least amount of crude oil from Saudi this decade. In the first half of this year, on average, the United States imported about 18,000 bbl compared to 35,600 bbl in the first half of 2017.

According to the EIA weekly gasoline stock reports, U.S. gasoline stock levels have been decreasing the past few weeks. Today, total domestic stocks sit at 228 million bbl, which is ahead of the five-year average for this time of year by several million.

September 9, 2019 - 12:34pm
posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.56, down a penny from last week. One year ago, the price was $2.85. The New York State average is $2.74 – down 3 cents from last week. A year ago, the NYS average was $3.

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

  • Batavia -- $2.71 (down 5 cents since last week)
  • Buffalo -- $2.71 (down 3 cents since last week)
  • Ithaca -- $2.64 (down 4 cents since last week)
  • Rochester -- $2.71 (down 2 cents since last week)
  • Rome -- $2.74 (down 2 cents since last week)
  • Syracuse -- $2.60 (down 3 cents since last week)
  • Watertown -- $2.70 (down 2 cents since last week)

With the fall driving season on the horizon, lower demand -- even amid reduced stock levels – will likely help to push pump prices lower. Winter blend fuel is also cheaper to produce.

At the close of Friday’s formal trading session, oil prices settled at $56.52 – up slightly. Oil prices started the day lower due to continued market concerns over the U.S.-China trade war. If tensions between the countries escalate and result in more tariffs, market observers are concerned that oil demand from the two largest oil-consuming countries will decline.

Earlier this week, domestic crude prices rose after the Energy Information Administration (EIA) reported that total domestic crude inventories fell by 4.8 million barrels last week. At 423 million barrels, stocks are approximately 21.5 million barrels higher than were they were at the end of August 2018. The higher inventory level has contributed to cheaper crude prices, helping to keep gas prices less expensive than last summer.

If crude inventories remain high, especially as gasoline demand drops with the fall driving season, pump prices could be as cheap as $2.40 this fall.

September 3, 2019 - 11:08am
posted by Howard B. Owens in gas prices, news.

Press release from AAA: 

Today’s national average price for a gallon of gasoline is $2.57, down 2 cents from last week. One year ago, the price was $2.83. The New York State average is $2.77 – down 2 cents from last week. A year ago, the NYS average was $2.99.

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

  • Batavia - $2.76 (down a penny since last week)
  • Buffalo - $2.74 (down 2 cents since last week)
  • Ithaca - $2.68 (down 3 cents since last week)
  • Rochester - $2.73 (down2 cents since last week)
  • Rome - $2.76 (down a penny since last week)
  • Syracuse - $2.63 (down 3 cents since last week)
  • Watertown - $2.72 (down 2 cents since last week)

Despite increased demand with Labor Day weekend travel, pump prices continue to drop as refineries switch over to winter-blend fuel, which is cheaper to produce than the summer blend.

With hurricane season underway, storm damage to a refinery is a threat that could push prices up, along with international tensions. Otherwise, motorists should enjoy cheaper gas prices this fall.

August 19, 2019 - 10:46am
posted by Howard B. Owens in gas prices, news.

Press release from AAA: 

Today’s national average price for a gallon of gasoline is $2.62, down 3 cents from last week. One year ago, the price was $2.84. The New York State average is $2.82 – down 2 cents from last week. A year ago, the NYS average was $3.

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

  • Batavia -- $2.76 (down 7 cents since last week)
  • Buffalo -- $2.78 (down 2 cents since last week)
  • Ithaca -- $2.75 (down 2 cents since last week)
  • Rochester -- $2.77 (down 2 cents since last week)
  • Rome -- $2.80 (down 3 cents since last week)
  • Syracuse -- $2.70 (down 2 cents since last week)
  • Watertown -- $2.75 (down 2 cents since last week)

Although pump prices continue to fall this week, growing demand amid tightening stocks have helped to slow down the pace of the decline nationally. With prices down across the region, it appears as though the highest gas prices of the year are behind us.

However, demand is still high with summer tourism season ongoing. Motorists could see a spike in pump prices over Labor Day weekend, the final long weekend of the summer.

Other issues that could push prices up include hurricane season if a refinery is damaged and tensions in the Middle East.

August 12, 2019 - 10:24am
posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.65, down 6 cents from last week. One year ago, the price was $2.86. The New York State average is $2.84 – down 2 cents from last week. A year ago, the NYS average was $3.01. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia -- $2.83 (up a penny since last week)
  • Buffalo -- $2.80 (down a penny since last week)
  • Ithaca -- $2.77 (down 2 cents since last week)
  • Rochester -- $2.79 (down 2 cents since last week)
  • Rome -- $2.83 (down a penny since last week)
  • Syracuse -- $2.72 (down 4 cents since last week)
  • Watertown -- $2.77 (down 2 cents since last week)

In its latest weekly report, the Energy Information Administration revealed that gasoline stocks grew by an astonishing 4.4 million barrels. Total domestic stocks now sit at 235.2 million barrels.

Meanwhile, gas demand grew slightly from 9.55 million barrels per day to 9.65 million barrels per day. The increasing stock levels are contributing to pump price drops this week, even though demand remains strong.

If total domestic stocks continue to outpace demand, American motorists will likely continue to see pump prices drop this summer.

August 5, 2019 - 7:35am
posted by Howard B. Owens in news, gas prices.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.71, down 3 cents from last week. One year ago, the price was $2.87. The New York State average is $2.86 – down 1 cent from last week. A year ago, the NYS average was $3.01. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia -- $2.82 (down a penny since last week)
  • Buffalo -- $2.81 (down 2 cents since last week)
  • Ithaca -- $2.79 (down 2 cents since last week)
  • Rochester -- $2.81 (down a penny since last week)
  • Rome -- $2.84 (no change since last week)
  • Syracuse -- $2.76 (down 2 cents since last week)
  • Watertown -- $2.79 (down a penny since last week)

The national average price for regular unleaded gasoline is $2.71 per gallon, which is 3 cents less than last week, 5 cents less than a month ago, and 16 cents less than a year ago. The latest data from the Energy Information Administration reveals that demand continues to drop. Total domestic stocks of gasoline are also down. Refinery utilization is down slightly.

Overall crude prices declined last week after President Trump announced new tariffs on imports from China, furthering a trade war between the world’s two largest economies and oil consumers. Market observers are concerned that increasing tariff costs will likely reduce global demand for crude oil. If the trade tension between the countries leads to more tariffs, crude prices will likely decline further.

July 29, 2019 - 11:02am
posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.74, down 3 cents from last week. One year ago, the price was $2.86. The New York State average is $2.87 – down 2 cents from last week. A year ago, the NYS average was $3.01. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia -- $2.83 (down a penny since last week)
  • Buffalo -- $2.83 (down 2 cents since last week)
  • Ithaca -- $2.81 (down 2 cents since last week)
  • Rochester -- $2.82 (down a penny since last week)
  • Rome -- $2.84 (down a penny since last week)
  • Syracuse -- $2.78 (down a penny since last week)
  • Watertown -- $2.80 (down a penny since last week)

Despite summer travel, lower than usual demand has helped to push pump prices down. According to the Energy Information Administration’s (EIA) latest report for the weekend ending on July 19, domestic demand hit 9.67 million barrels per day. Although it grew from the previous week’s 9.2 million level, demand is slightly lower than last year’s usage rate.

With OPEC continuing to reduce crude production, tighter domestic crude supplies could cause prices to continue to increase if demand tightens.

Unresolved tension in the Middle East could also push prices up. After Iran captured the U.K.-flagged oil tanker in the Strait of Hormuz, the British Royal Navy announced that it will escort U.K.-flagged vessels in the region to protect against future attacks. If tension continues to mount, crude prices will likely continue their ascent.

July 22, 2019 - 10:31am
posted by Howard B. Owens in gas prices, news.

Press release from AAA: 

Today’s national average price for a gallon of gasoline is $2.77, down 2 cents from last week. One year ago, the price was $2.84. The New York State average is $2.89 – no change from last week. A year ago, the NYS average was $3.  AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia -- $2.84 (no change since last week)
  • Buffalo -- $2.85 (down a penny since last week)
  • Ithaca -- $2.83 (down 2 cents since last week)
  • Rochester -- $2.83 (down 1 cent since last week)
  • Rome -- $2.85 (no change since last week)
  • Syracuse -- $2.79 (down a penny since last week)
  • Watertown -- $2.81 (no change since last week)

Pump prices are stabilizing signaling that supply and demand are likely in sync so motorists are seeing prices level out.

At the close of Friday’s formal trading session on the NYMEX, WTI increased by 33 cents to settle at $55.63.

Crude prices mostly declined last week after the International Energy Agency (IEA) announced that it does not expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets.

The IEA is reducing its 2019 oil demand growth forecast to 1.1 million barrels per day (bpd) from 1.2 million bpd due to a slowing global economy amid the continuing U.S.-China trade dispute.

Concerns over the current excess of oil in the crude market overshadowed concerns of increasing tension in the Middle East last week though tensions in the Middle East spiked at the end of last week, so analysts will continue to monitor issues there.

July 8, 2019 - 9:32am
posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.75, up 3 cents from last week. One year ago, the price was $2.86. The New York State average is $2.87 – no change from last week. A year ago, the NYS average was $3.02. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia -- $2.84 (up 2 cents since last week)
  • Buffalo -- $2.86 (no change since last week)
  • Ithaca -- $2.81 (up 1 cent since last week)
  • Rochester -- $2.85 (no change since last week)
  • Rome -- $2.83 (down 1 cent since last week)
  • Syracuse -- $2.78 (down 1 cent since last week)
  • Watertown -- $2.80 (no change since last week)

Nearly 11 years ago to the day, on July 9, 2008, New Yorkers were paying the highest recorded gas prices on record at $4.31 per gallon. That makes today’s New York State average, which has held steady over the holiday week at $2.87, seem bearable.

Demand was high over the past week as travelers enjoyed Independence Day getaways and celebrations, which has led to a decrease in gasoline stocks. As gas stocks continue to dwindle, the busy summer driving season is now underway so elevated demand is expected to continue.

Philadelphia Energy Solutions announced recently that they will permanently close the South Philadelphia refinery this month, which is the oldest and largest refinery on the East Coast. The announcement came following a June fire and explosion at the refinery, which produces 335,000 barrels of crude per day (42 U.S. gallons per barrel). While gasoline stocks from Canada, neighboring refineries, and the Colonial Pipeline will help backfill supply, retailers will likely face increased transportation costs which could drive up prices in the Northeast and surrounding regions.

July 1, 2019 - 8:42am
posted by Howard B. Owens in gas prices, news.

Press release from AAA: 

Today’s national average price for a gallon of gasoline is $2.72, up 6 cents from last week. One year ago, the price was $2.85. The New York State average is $2.87 – up 2 cents from last week. A year ago, the NYS average was $3.02. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia -- $2.82 (up 5 cents since last week)
  • Buffalo -- $2.86 (up 2 cents since last week)
  • Ithaca -- $2.80 (up 6 cents since last week)
  • Rochester -- $2.85 (up 5 cents since last week)
  • Rome -- $2.84 (up 1 cent since last week)
  • Syracuse -- $2.79 (up 5 cents since last week)
  • Watertown -- $2.80 (up 2 cents since last week)

Pump prices have increased as gasoline stocks decreased and demand remains robust. As gas stocks continue to dwindle, the busy summer driving season is now underway and American motorists are seeing pump prices increase as we approach the Fourth of July.

OPEC and its partners are meeting in Vienna and more market tightening may occur if the cartel decides to extend its current production reduction agreement through the end of the year. Additionally, China and the United States met at the G-20 summit in Osaka, Japan to discuss trade negotiations between the world's two largest economies. There is growing global concern that an escalation of tensions could decrease demand for crude for the remainder of the year.

Meanwhile, Philadelphia Energy Solution’s (PES) refinery will shut down within the next month. This news follows an explosion and two fires within the last few weeks at the South Philadelphia complex. This is the oldest and largest refinery on the East Coast, producing 335,000 barrels of crude per day (42 U.S. gallons per barrel). That shutdown is also affecting regional gas prices.

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