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February 22, 2021 - 12:57pm
posted by Press Release in gas prices, news.

Press release from AAA: 

Today’s national average price for a gallon of gasoline is $2.64, up 13 cents from last week. One year ago, the price was $2.47. The New York State average is $2.70 – up 10 cents from last week. A year ago, the NYS average was $2.61.

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

  • Batavia -- $2.63 (up 11 cents since last week)
  • Buffalo -- $2.65 (up 13 cents since last week)
  • Ithaca -- $2.68 (up 12 cents since last week)
  • Rochester -- $2.67 (up 12 cents since last week)
  • Rome -- $2.72 (up 9 cents since last week)
  • Syracuse -- $2.66 (up 12 cents since last week)
  • Watertown -- $2.72 (up 9 cents since last week)

Pump prices continue to increase again this week. New York State average gas prices are on par with last year's level. In the Western and Central New York region, many prices have increased 10 cents, or more, in just a week.

The winter weather continues to impact Gulf Coast refineries' ability to operate and gas supplies. Until refineries resume normal operations, supply is expected to remain tight in impacted areas.

From GasBuddy:

"With last week's extreme cold shutting down millions of barrels per day in refinery capacity, gas prices have seen their largest weekly climb in quite some time," said Patrick De Haan, head of petroleum analysis for GasBuddy. "The jump in price was the result of a dozen or so refineries, primarily in Texas, that were forced to shut down as the frigid temperatures threatened to wreak havoc on their exposed equipment.

"With the cold weather behind us, price increases show begin to slow later this week or next week, and so long as these refineries get back online in short order, we may see gas prices start to move back down in the next couple of weeks. However, as we near spring weather, we'll likely see another longer-term rise in prices begin as refineries start to transition to summer gasoline, so motorists shouldn't jump for joy just yet."

February 18, 2021 - 12:38pm
posted by Howard B. Owens in gas prices, news.

Press release:

Statement from AAA’s national office regarding Gulf Coast refineries and gas prices:

Since Monday, the national gas price average has increased seven cents to $2.575 ($2.58). This quick four-day jump is a direct result of all major Gulf Coast refineries being impacted by the recent storm, which has caused gas supplies to tighten and pump prices to increase.

The situation is very similar to a Gulf Coast hurricane’s impact. Refineries come offline, and until damage (if any) is assessed and operations are back up and running, supply is tight, especially with road conditions and power outages (mostly in Texas) reducing fuel deliveries – if stations even have power to accept them.

Until things thaw out and Gulf Coast refineries are running again (likely early next week), we do expect more expensive pump prices across the country, varying another 5-15 cents.

We urge motorists in the impacted areas to stay off the road and not rush to get gas. Gasoline will flow into stations as power is restored and roads are cleared. We are seeing temporary outages, not a shortage. On Monday the Colonial Pipeline reported no impact from the storm, which will aid in refueling quickly once roads can be traveled.

As in any national or local state of emergency, AAA expects gas prices to be held in check -- up and down the gasoline supply chain -- including prices set by refiners, distributors and dealers. If motorists are concerned about price gouging, they should contact their state’s Attorney General office.

Today’s (2/18/21) local gas price update:

The New York State average is $2.65 – up 5 cents since Monday. A year ago, the NYS average was $2.61.

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

  • Batavia -- $2.54 (up 2 cents since Monday)
  • Buffalo -- $2.56 (up 4 cents since Monday)
  • Ithaca -- $2.58 (up 2 cents since Monday)
  • Rochester -- $2.59 (up 4 cents since Monday)
  • Rome -- $2.67 (up 4 cents since Monday)
  • Syracuse -- $2.57 (up 3 cents since Monday)
  • Watertown -- $2.67 (up 4 cents since Monday)
February 15, 2021 - 10:29am
posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.51, up 4 cents from last week. One year ago, the price was $2.44. The New York State average is $2.60 – up 4 cents from last week. A year ago, the NYS average was $2.62.

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

  • Batavia -- $2.52 (up 8 cents since last week, 7 cents less than last year)
  • Buffalo -- $2.52 (up 5 cents since last week, 4 cents less than last year)
  • Ithaca -- $2.56 (up 6 cents since last week, 7 cents less than last year)
  • Rochester -- $2.55 (up 5 cents since last week, 2 cents less than last year)
  • Rome -- $2.63 (up 5 cents since last week, 1 penny more than last year)
  • Syracuse -- $2.54 (up 6 cents since last week, 5 cents more than last year)
  • Watertown -- $2.63 (up 4 cents since last week, same price as last year)

Pump prices continue to increase again this week. In many areas across the country, gas prices have surpassed last year’s level. In Central New York, Watertown is on par with last year while Syracuse and Rome prices are slightly higher than one year ago. Other areas have not reached last year’s level as noted in the above list.

Increasing pump prices have been supported by higher crude oil prices and gas demand, which grew slightly last week though it remains lower than pre-pandemic levels, according to new data from the Energy Information Administration (EIA). Based on current trends, drivers will likely see pump prices continue to increase ahead of spring.

Last week, on Wednesday, crude prices reached the highest daily settlement price since January 2020. Crude and pump prices are likely to continue to move higher as crude inventories continue to drop and refinery utilization increases.

From GasBuddy:

"It's not surprising that gasoline prices continue to follow oil prices higher, as the national average now stands at its highest level since January 2020 as Pay with GasBuddy data shows U.S. gasoline demand rose over 2 percent last week," said Patrick De Haan, head of petroleum analysis for GasBuddy.

"The rise in gas prices continues to be driven by improving demand in the United States, and has nothing to do with who sits in the White House, but rather how many motorists are filing their tanks on a daily basis, and from that data, it's no guess, but prices will continue to trend higher.

"This situation will last as long as OPEC continues to restrain their oil production, creating the situation we're in where demand is recovering faster than demand. The situation won't get better, just wait until spring, it's likely the national average will rise another 10 to as much as 50 cents per gallon if oil production doesn't respond to the continued recovery in demand."

February 8, 2021 - 10:22am
posted by Howard B. Owens in gas prices, news.

Press release from AAA: 

Today’s national average price for a gallon of gasoline is $2.47, up 5 cents from last week. One year ago, the price was $2.44. The New York State average is $2.51 – up 5 cents from last week. A year ago, the NYS average was $2.64.

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

  • Batavia -- $2.44 (up 5 cents since last week)
  • Buffalo -- $2.47 (up 4 cents since last week)
  • Ithaca -- $2.50 (up 3 cents since last week)
  • Rochester -- $2.50 (up 3 cents since last week)
  • Rome -- $2.58 (up 5 cents since last week)
  • Syracuse -- $2.48 (up 5 cents since last week)
  • Watertown -- $2.59 (up 5 cents since last week)

Pump prices continue to increase while the latest data from the Energy Information Administration (EIA) shows that gas demand decreased slightly.

This morning, WTI crude increased is priced by more than $57, which is the highest settlement price of the year. Crude prices rose last week after the Organization of the Petroleum Exporting Countries (OPEC) and its production reduction agreement partners met to review compliance with their agreement to collectively reduce their crude production by 7.2 million barrels per day. The group decided to hold the cuts steady and expects output to remain low this year, since demand is forecasted to be lower than expected throughout 2021 due to ongoing crude demand concerns as the pandemic continues to keep travel restrictions in place. An increase in crude utilization and increasing crude prices will continue to contribute to higher pump prices for drivers throughout the month.

From GasBuddy:

"Many factors continue to push oil prices higher, but at the foundation of the rise is the fact that the coronavirus situation continues to improve, pushing global oil demand higher as production continues to lag, pushing U.S. gas prices higher," said Patrick De Haan, head of petroleum analysis for GasBuddy.

"Until OPEC intercedes and raises oil production in the months ahead, motorists should continue to expect rising gas prices, which for the first time some time stand at their highest in over a year, adding misery to the dire economic situation as millions remain jobless.

"The news won't likely improve in the months ahead, with continued increases in gas prices as OPEC maintains a tight balance between reduced demand and supply, keeping prices on the higher side."

February 1, 2021 - 1:14pm
posted by Press Release in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.42, up 2 cents from last week. One year ago, the price was $2.48. The New York State average is $2.51 – up 2 cents from last week. A year ago, the NYS average was $2.66.

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

  • Batavia -- $2.39 (up 1 cent since last week)
  • Buffalo -- $2.43 (up 1 cent since last week)
  • Ithaca -- $2.47 (no change since last week)
  • Rochester -- $2.46 (up 1 cent since last week)
  • Rome -- $2.53 (up 2 cents since last week)
  • Syracuse -- $2.43 (up 1 cent since last week)
  • Watertown -- $2.54 (up 2 cents since last week)

The national average for a gallon of regular gasoline is now $2.42, only 6 cents less than last year at this time. Local prices still have a larger disparity compared to last year. Pump prices are increasing while gas demand is dropping, according to data from the Energy Information Administration (EIA). Although gas demand dropped, and total refinery utilization decreased, pump prices have increased moderately, signaling that expensive crude oil prices are driving the price.

As of this morning, WTI crude is priced over $52 a barrel. Recently market concerns signaled that crude demand may take more time than expected to recover this year due to new coronavirus infections and associated travel restrictions.

From GasBuddy:

"Gas price increases continue to slow down as oil prices fail to continue moving upward, even as gasoline demand continues to show new signs of improving recovery," said Patrick De Haan, head of petroleum analysis for GasBuddy. "According to Pay with GasBuddy data, Friday gasoline demand was the highest since November, while Saturday gasoline demand was the strongest of any Saturday since the pandemic began.

"The rise in gasoline demand has certainly been behind oil's rally in the last few months, as COVID restrictions continue to ease and the economy slowly continues recovery. While the next few weeks may see gas prices rising slightly, the real pinch could come in March and lasting through summer, should demand continue on this path."

January 25, 2021 - 4:40pm
posted by Press Release in gas prices, news.

Press release from AAA: 

Today’s national average price for a gallon of gasoline is $2.40, up 1 cent from last week. One year ago, the price was $2.53. The New York State average is $2.49 – up 2 cents 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 -- $2.38 (down 1 cent since last week)
  • Buffalo -- $2.42 (down 1 cent since last week)
  • Ithaca -- $2.47 (up 1 cent since last week)
  • Rochester -- $2.45 (no change since last week)
  • Rome -- $2.51 (up 3 cents since last week)
  • Syracuse -- $2.42 (no change since last week)
  • Watertown -- $2.52 (up 1 cent since last week)

Pump prices have leveled off in most areas. Gas demand increased substantially according to the Energy Information Administration (EIA) while total domestic gasoline supplies decreased. Total crude utilization across domestic refineries took a small step forward from 82 percent to 82.5 percent.

All of these factors, including sustained higher crude prices, have contributed to higher pump prices for drivers and will likely lead to continued increases in pump prices in the weeks ahead.

Crude prices, while on the rise, are fluctuating amid growing market concern that crude demand may continue to suffer as coronavirus infections rise and travel restrictions, which are meant to curb transmission of the virus, reduce crude demand.

From GasBuddy:

"Finally, after several weeks of sharply rising gas prices, the pace of price increases has slowed significantly in recent days as prices are now largely caught up to oil's increases as of late," said Patrick De Haan, head of petroleum analysis for GasBuddy.

"While the national average remains at its highest level since the pandemic, increases are likely to slow down in the immediate short-term unless and until oil prices see renewed momentum.

"When it comes to demand, Pay with GasBuddy data showed last week's gasoline demand at its highest level since November, another bullish factor as the nation continues to see slow improvement from the pandemic."

January 18, 2021 - 1:57pm
posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.39, up 7 cents from last week. One year ago, the price was $2.55. The New York State average is $2.47 – up 8 cents from last week. A year ago, the NYS average was $2.71.

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

  • Batavia -- $2.39 (up 8 cents since last week)
  • Buffalo -- $2.43 (up 10 cents since last week)
  • Ithaca -- $2.46 (up 11 cents since last week)
  • Rochester -- $2.45 (up 9 cents since last week)
  • Rome -- $2.48 (up 6 cents since last week)
  • Syracuse -- $2.42 (up 8 cents since last week)
  • Watertown -- $2.51 (up 10 cents since last week)

Crude prices have been fluctuating and remain over $50 per barrel. The current price this morning is $52 per barrel. Prices rose over market optimism that coronavirus vaccines will help crude demand recover this year. Additionally, EIA’s recent report helped bolster prices, detailing that total domestic crude inventories are on the decline.

If crude prices continue to sustain prices above $50 per barrel alongside higher refinery utilization rates and demand, drivers could see pump prices remain at elevated levels. Current prices are up across the region, but they remain lower than one year ago.

From GasBuddy:

"Gas prices have jumped to yet another multi-month high as crude oil price rise amidst perceived improvement in the COVID-19 pandemic, which continues to pump prices up as demand shows renewed signs of recovery," said Patrick DeHaan, head of petroleum analysis for GasBuddy.

"In addition, with rumors swirling that President-elect Biden plans to cancel the approval of the Keystone XL pipeline, which would cut off reliable Canadian oil to the United States, oil prices may see additional pressure in the coming days. For now, the upward trend in gas prices may slow from the sharp rise in the last week, but motorists shouldn't expect much of a break from rising gas prices, which now stand less than 20 cents from their year-ago levels."

January 11, 2021 - 11:45am
posted by Press Release in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.32, up 6 cents from last week. One year ago, the price was $2.59. The New York State average is $2.39 – up 6 cents from last week. A year ago, the NYS average was $2.73.

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

  • Batavia -- $2.31 (up 4 cents since last week)
  • Buffalo -- $2.33 (up 7 cents since last week)
  • Ithaca -- $2.35 (up 5 cents since last week)
  • Rochester -- $2.36 (up 6 cents since last week)
  • Rome -- $2.42 (up 4 cents since last week)
  • Syracuse -- $2.34 (up 6 cents since last week)
  • Watertown -- $2.41 (up 5 cents since last week)

Pump prices are on the rise despite gas demand falling to the lowest level recorded since the end of May 2020. Domestic crude prices climbed above $50 per barrel while total refinery utilization increased from 79 percent to 81 percent leading to higher pump prices.

If crude prices continue to stay above $50 per barrel - WTI is $51.71 this morning -- alongside higher refinery utilization rates, drivers could see pump prices continue to climb, which is unusual given that low winter gas demand typically pushes prices to their lowest point of the year.

Crude prices increased last week after Saudi Arabia announced that it would cut its crude production by 1 million barrels per day in February and March after the Organization of the Petroleum Exporting Countries (OPEC) met with its partners, including Russia and Kazakhstan, to discuss their ongoing production reduction agreement. If total domestic crude supply continues to drop, crude prices could continue to increase and push pump prices higher.

From GasBuddy:

"With oil's meteoric rally continuing, motorists continue to face gas prices that continue to advance. With a barrel of crude oil now at its highest level in nearly a year, there's no where for gas prices to go but up," said Patrick De Haan, head of petroleum analysis for GasBuddy.

"In a normal year, this is the time we tend to see gas prices struggle, and according to Pay with GasBuddy data, gasoline demand is indeed seeing seasonal struggles, but that has not tempered the appetite of the market as many remain bullish over the continued rollout of a COVID-19 vaccine. How long we may be on this road relies on continued reduction in new COVID cases, but we may for the coming weeks seeing gas prices continuing their climb."

January 4, 2021 - 9:24am
posted by Press Release in gas prices, news.

Press release from AAA: 

Today’s national average price for a gallon of gasoline is $2.26, up 1 cent from last week. One year ago, the price was $2.59. The New York State average is $2.33 – up 1 cent from last week. A year ago, the NYS average was $2.72. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia -- $2.27 (up 2 cents since last week)
  • Buffalo -- $2.26 (down 1 cent since last week)
  • Ithaca -- $2.30 (up 1 cent since last week)
  • Rochester -- $2.30 (no change since last week)
  • Rome -- $2.38 (up 1 cent since last week)
  • Syracuse -- $2.28 (down 1 cent since last week)
  • Watertown -- $2.36 (no change since last week)

Upward price movement at the state level has pushed the national gas price average up to the highest level since stay-at-home guidance was issued in mid-March. This is the result of higher oil prices -- crude oil pricing reached the highest levels since February.

The month of December has seen the biggest pump price jump of any month this year, ending with a national average of 11 cents higher than it began. Despite low demand, pump prices are more expensive because crude oil has seen steady gains. However, gas prices remain much lower than one year ago.

December 28, 2020 - 1:51pm
posted by Press Release in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.25, up 3 cents from last week. One year ago, the price was $2.57. The New York State average is $2.32 – up 2 cents 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 -- $2.25 (up 2 cents since last week)
  • Buffalo -- $2.27 (up 3 cents since last week)
  • Ithaca -- $2.29 (up 3 cents since last week)
  • Rochester -- $2.30 (up 3 cents since last week)
  • Rome -- $2.37 (up 2 cents since last week)
  • Syracuse -- $2.29 (up 3 cents since last week)
  • Watertown -- $2.36 (up 3 cents since last week)

Two factors have contributed to driving up prices at the pump: rising crude oil prices and tightening supply. The domestic price of crude (WTI) has been steadily rising since November, reaching levels not seen since February, before stay-at-home guidance was introduced across the country. Prices began to rise last month alongside vaccination news and have only increased with it becoming available.

Reports from the Energy Information Administration show that U.S. gasoline supply levels are healthy, but could tighten in weeks ahead amid refinery consolidations in the northwest and maintenance in the upper Midwest.

Even with holiday demand increasing, overall demand still remains at an extremely low level. AAA believes this factor will impact gas prices, pushing them cheaper in January.

From GasBuddy:

"Average gasoline prices continue to move higher in most areas as retail gas prices continue to follow the rising price of crude oil which remains near the highest level since COVID-19 began in March," said Patrick De Haan, head of petroleum analysis for GasBuddy.

"Seasonal factors have sat in the backseat compared to a modest recovery in demand and a healthy dose of optimism that a COVID-19 vaccine will bring normal demand levels in the coming year. For now, it's not the best news for motorists as I expect gas prices may continue their ascent, but while it won't last forever, it's likely a sign of what's to come in 2021 -- higher prices.

The year ahead will be likely marked by recovery in the pandemic and rising demand, and for motorists interested in what's coming to the pump GasBuddy will be releasing our 2021 Fuel Price Outlook in the days ahead, which will hopefully give motorists some idea of what to plan for in terms of pain at the pump."

December 21, 2020 - 8:42am
posted by Press Release in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.22, up 6 cents from last week. One year ago, the price was $2.55. The New York State average is $2.30 – up 4 cents from last week. A year ago, the NYS average was $2.69. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia -- $2.23 (up 1 cent since last week)
  • Buffalo -- $2.24 (up 5 cents since last week)
  • Ithaca -- $2.26 (up 1 cent since last week)
  • Rochester -- $2.27 (up 4 cents since last week)
  • Rome -- $2.35 (up 2 cents since last week)
  • Syracuse -- $2.26 (up 8 cents since last week)
  • Watertown -- $2.33 (up 3 cents since last week)

After gas demand reached a low point recently, it is now on the rise according to the Energy Information Administration (EIA). The latest report shows that gas demand increased while supplies tightened amid lower refinery utilization. After decreasing for four weeks, the increase in gas demand has helped to push pump prices up across the country.

The increase in the national average is likely temporary as the country enters the winter driving season — a time when gas demand typically hits the lowest levels for the year.

Crude prices also rose due to a weak dollar and increasing investment based on market optimism that coronavirus vaccines will help crude oil demand recover in 2021. Higher crude prices have also helped to lift pump prices since the price of oil makes up over half of the cost of gasoline. Continued positive news about the vaccines will continue helping the domestic price of crude rise.

From GasBuddy:

"The sudden spike in gas prices last week was brought on by a continued rise in the price of oil, which jumped last week to nearly $50 per barrel, the highest we've seen since March, when prices collapsed due to COVID-19," said Patrick De Haan, head of petroleum analysis for GasBuddy. "While last week's gas price surge isn't likely to repeat this week, it could be a sign of things to come in the year ahead.

"A weakening U.S. dollar and vaccine optimism continued to push oil higher last week, along with stock markets. While some are wrongly pointing to the coming shift in the White House as driving up prices, I can assure motorists that what we're seeing has nothing to do with such a change and everything to do with market optimism that demand will rise, and the weaker dollar, which makes oil cheaper to anyone holding non-dollar currencies, putting upward pressure on demand."

December 14, 2020 - 8:41am
posted by Press Release in gas prices, news.

Press release from AAA: 

Today’s national average price for a gallon of gasoline is $2.16, no change from last week. One year ago, the price was $2.56. The New York State average is $2.26 – up 1 cent from last week. A year ago, the NYS average was $2.68.

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

  • Batavia -- $2.22 (no change since last week)
  • Buffalo -- $2.19 (no change since last week)
  • Ithaca -- $2.25 (up 1 cent since last week)
  • Rochester -- $2.23 (down 1 cent since last week)
  • Rome -- $2.33 (no change since last week)
  • Syracuse -- $2.18 (down 1 cent since last week)
  • Watertown -- $2.30 (no change since last week)

In a recent report from the Energy Information Administration (EIA), gas demand dropped to its lowest weekly estimate since the end of May. The decrease in demand, alongside an increase in total domestic stocks should push gas prices down. However, crude prices continue to rise due to increasing optimism that coronavirus vaccines will be available in the coming weeks, which could help boost domestic crude demand.

From GasBuddy:

"After gas prices spiked last week in their biggest weekly rise since August, we've seen them cool back down for the time being. With COVID-19 cases continuing to rise and restrictions weighing on gasoline demand, we're likely to see optimism over vaccinations offset by lower current demand for the most part," said Patrick De Haan, head of petroleum analysis for GasBuddy.

"In the weeks ahead as that balance shifts and millions get the vaccination, if things look much improved, I would expect for a longer upward move in gas prices. For now, however, the holidays will be marked by the lowest seasonal prices in years."

December 7, 2020 - 11:43am
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, up 3 cents from one week ago. One year ago, the price was $2.58. The New York State average is $2.25 – up 2 cents from last week. A year ago, the NYS average was $2.68. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia -- $2.22 (up 3 cents since last week)
  • Buffalo -- $2.19 (up 2 cents since last week)
  • Ithaca -- $2.24 (up 6 cents since last week)
  • Rochester -- $2.24 (up 3 cents since last week)
  • Rome -- $2.33 (up 3 cents since last week)
  • Syracuse -- $2.19 (up 5 cents since last week)
  • Watertown -- $2.30 (up 2 cents since last week)

The national average price for a gallon of gas has inched up 4 cents in the past month, but it is 42 cents lower than last year at this time. Since mid-November, domestic crude prices have steadily increased topping $45 per barrel, contributing to pump prices rising across the country. Crude prices increased amid growing market optimism that vaccines for the coronavirus will be available in coming weeks, but then oil prices stalled as the number of infections surged domestically.

Going forward, low demand will likely limit price gains, with the latest report from the Energy Information Administration (EIA) showing that demand decreased dropped to its lowest reading since early June. Demand typically drops in the winter driving season, so American drivers should expect gas prices to remain lower when compared to last year’s pump prices, moving into 2021.

From GasBuddy:

"With oil's rally to a new COVID-19 high-water mark, gas prices have begun to follow, even as gasoline demand crumbles to some of the lowest levels in months," said Patrick De Haan, head of petroleum analysis for GasBuddy. "Optimism continues to propel oil markets higher, led by positive news on a COVID-19 vaccine, but should anything change timing wise, we could a reversal, but for now it remains full steam ahead with markets focused on the promise of oil and gasoline demand rising, or the best potential outcome of the situation. Should the hype be overblown, a correction could happen in the weeks or months ahead. For now, motorists may see more volatility in oil markets then we've seen in months."

November 30, 2020 - 3:21pm
posted by Press Release in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.13, up 2 cents from one week ago. One year ago, the price was $2.59. The New York State average is $2.23 – up 1 cent from last week. A year ago, the NYS average was $2.69.

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

  • Batavia -- $2.19 (up 1 cent since last week)
  • Buffalo -- $2.17 (down 1 cent since last week)
  • Ithaca -- $2.18 (no change since last week)
  • Rochester -- $2.21 (no change since last week)
  • Rome -- $2.30 (no change cent since last week)
  • Syracuse -- $2.14 (up 1 cent since last week)
  • Watertown -- $2.28 (no change since last week)

Increased demand for gasoline over Thanksgiving, along with a decrease in travel compared to last year, creates a mix of prices across the region. This Thanksgiving’s national gas price average is the lowest since 2015. National gas prices are 46 cents less than last year. Nearly half of all states have gas price averages that are 50 to 75 cents cheaper than a year ago.

As holiday shoppers head out in search of gifts this season, demand may increase pushing prices up slightly. However, increasing COVID-19 cases and restrictions will put a damper on travel plans so demand will likely remain lower than last year keeping gas prices lower as well.

From GasBuddy:

"As the nation saw subdued traffic for Thanksgiving, gas prices have been mostly stable in the last week as gasoline demand plummeted to the lowest since spring as Americans stayed closer to home," said Patrick De Haan, head of petroleum analysis for GasBuddy. "With oil holding near a pandemic high around $45 per barrel, we may see additional upward pressure in the weeks ahead, but it's unlikely to be earth-shattering.

"We're likely to remain in somewhat of a limbo until early 2021 or vaccines begin to see widespread distribution and Americans slowly start venturing back to their normal lifestyle -- if they ever do."

November 23, 2020 - 4:55pm
posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.11, down 2 cents from one week ago. One year ago, the price was $2.59. The New York State average is $2.22 – down 1 cent from last week. A year ago, the NYS average was $2.69.

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

  • Batavia -- $2.18 (down 1 cent since last week)
  • Buffalo -- $2.18 (down 2 cents since last week)
  • Ithaca -- $2.18 (down 1 cent since last week)
  • Rochester -- $2.21 (down 2 cents since last week)
  • Rome -- $2.30 (down 1 cent since last week)
  • Syracuse -- $2.13 (down 2 cents since last week)
  • Watertown -- $2.28 (no change since last week)

The national average for a gallon of regular gasoline is down, while state and local prices follow. In a recent report from the Energy Information Administration (EIA), gas demand decreased, while total domestic stocks increased. That helped the national average to decrease this week. Demand may increase with the Thanksgiving holiday, but travelers should expect pump prices to remain much cheaper, and more affordable, than last year.

Meanwhile, crude prices have been fluctuating – they decreased amid rising coronavirus infection rates across the country, yet they increased amid growing market optimism that a vaccine for the coronavirus will soon be available. The current surge in the number of infections domestically has capped price gains while states increase measures meant to stop the spread of the virus.

From GasBuddy:

With Thanksgiving nearly upon us and fewer Americans hitting the road, gas prices have seen some downward movement over the last week, even as oil prices hold near recent highs," said Patrick De Haan, head of petroleum analysis for GasBuddy. "We may end up seeing the lowest Thanksgiving prices in five years if prices continue to trend lower this week, a sign of how the coronavirus has sapped demand for the majority of the year.

"Between now and the end of the year, we aren't likely to see many fireworks at the pump as demand continues to remain well below prior years, but as a vaccine is set to be released in the months ahead, prices will likely aim for higher ground, so motorists take heed that today's prices may not hold for much longer."

November 16, 2020 - 10:38am
posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.13, up 2 cents from one week ago. One year ago, the price was $2.60. The New York State average is $2.23 – up 1 cent from last week. A year ago, the New York State average was $2.69.

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

  • Batavia -- $2.19 (up 1 cent since last week)
  • Buffalo -- $2.20 (up 2 cents since last week)
  • Ithaca -- $2.19 (up 1 cent since last week)
  • Rochester -- $2.23 (up 1 cent since last week)
  • Rome -- $2.31 (up 1 cent since last week)
  • Syracuse -- $2.15 (up 1 cent since last week)
  • Watertown -- $2.28 (no change since last week)

The national average for a gallon of regular gasoline has increased by two cents in the past week, though it is still significantly cheaper than last year (-47 cents). In a report from the Energy Information Administration (EIA), gas demand increased while total domestic stocks decreased leading to that national average increase.

However, EIA’s weekly demand estimate is lower than last year’s rate at this time. Low overall demand will likely contribute to pump prices remaining low this season.

Domestic crude prices are fluctuating amid rising coronavirus infections worldwide, which could reduce global crude demand as countries impose new restrictions meant to stop the spread of the virus.

From GasBuddy:

"For the first time in seven weeks, GasBuddy data showed average gas prices rose last week, unsurprising given the previous 18-percent jump in the price of crude oil on promising vaccine news," said Patrick De Haan, head of petroleum analysis for GasBuddy. "This year has been anything but normal and such news of promising vaccine results will likely rekindle gas prices for a short while.

We're likely to see prices inch up slightly again this week as gas stations continue to try to pass along the rise from last week to retail, but ahead of Thanksgiving, prices should be mostly stable. For now, motorists shouldn't expect too many fireworks at the pump, but the upcoming release of GasBuddy's Holiday Travel survey highlights some big changes motorists are making for the last six weeks of the year."

November 9, 2020 - 9:40am
posted by Press Release in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.11, down 2 cents from one week ago. One year ago, the price was $2.62. The New York State average is $2.22 – 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 -- $2.18 (down 1 cent since last week)
  • Buffalo -- $2.18 (down 2 cents since last week)
  • Ithaca -- $2.18 (no change cent since last week)
  • Rochester -- $2.22 (no change since last week)
  • Rome -- $2.30 (no change since last week)
  • Syracuse -- $2.14 (down 1 cent since last week)
  • Watertown -- $2.28. (down 1 cent since last week)

The Energy Information Administration (EIA) reports that gas demand decreased again while total domestic stocks increased – pushing pump prices down. With demand remaining low, American drivers should expect pump prices to continue to decline.

Domestic crude prices fell last week due to market concern about increasing coronavirus infections worldwide, which could lower crude demand as countries impose new restrictions that will likely limit oil consumption. The drop in crude prices occurred despite EIA’s report showing that total domestic crude inventories dropped. Crude prices are up slightly this morning, so AAA will continue to monitor that activity.

From GasBuddy:

"As expected, previous weakness in oil has continued to translate into falling gasoline prices nearly nationwide as motorists cast their ballots last week, but the six-week trend could reverse on optimism that President-elect Biden may move quickly to get organized and Sen. Majority Leader McConnell has said stimulus is high on his agenda, aiding the economy and oil demand," said Patrick De Haan, head of petroleum analysis for GasBuddy.

"As of late Sunday, a barrel of West Texas Intermediate crude oil was up over 8 percent compared to just last Monday, a solid rally that may eventually halt the decline in gasoline prices, should the optimism continue even against a backdrop of a continued global rise in coronavirus cases.

"It remains challenging to predict how the Presidential transition may occur, and if it drags the economy down, I could see pessimism and lower prices return, but for now, it appears that a solid dose of optimism may soon drive prices up."

November 2, 2020 - 12:30pm
posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.13, down 3 cents from one week ago. One year ago, the price was $2.61. The New York State average is $2.23 – 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 -- $2.19 (down 1 cent since last week)
  • Buffalo -- $2.20 (down 1 cent since last week)
  • Ithaca -- $2.18 (no change since last week)
  • Rochester -- $2.22 (down 1 cent since last week)
  • Rome -- $2.30 (down 1 cent since last week)
  • Syracuse -- $2.15 (down 2 cents since last week)
  • Watertown -- $2.29 (no change since last week)

Refineries are switching over to winter-blend fuel, which is cheaper to produce and offers savings at the pump. As gas stations begin to sell the winter blend, we should see gas prices continue to drop.

The Energy Information Administration (EIA) reports that gas demand increased from 8.29 million barrels per day to 8.55 million b/d. However, the current estimate for demand is 1.23 million b/d lower than the rate at this time in 2019.

Low demand, as total domestic stocks decreased as well, has helped pump prices decrease. As demand remains low, American drivers should expect pump prices to continue to decline this fall.

From GasBuddy:

"The drop in gas prices has accelerated in the last week as oil prices continue to slide on uncertainty over the election, stimulus and as coronavirus case counts soar, leading to more states rolling back their reopening plans," said Patrick De Haan, head of petroleum analysis for GasBuddy.

"In just the last few days, it feels like uncertainty over a potential legal fight over the U.S. election has also risen to near panic levels, all of which throws more uncertainty into the ring, keeping the United States from potentially having a clear leader to turn things around.

For now, it's virtually guaranteed that the national average will fall to under $2 per gallon in the next two weeks, so motorists need not be in a rush to fill their tanks."

October 26, 2020 - 12:02pm
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."

October 19, 2020 - 10:20am
posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.17, down 2 cents from one week ago. One year ago, the price was $2.65. The New York State average is $2.25 – the same as 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 -- $2.22 (no change since last week)
  • Ithaca -- $2.1 (down 1 cent since last week)
  • Rochester -- $2.24 (no change since last week)
  • Rome -- $2.31 (no change since last week)
  • Syracuse -- $2.18 (down 1 cent since last week)
  • Watertown -- $2.30 (no change since last week)

The national average for a gallon of regular gasoline dropped to $2.17, which is significantly cheaper than last year (-48 cents). In a recent report from the Energy Information Administration (EIA), gas demand decreased slightly.

Domestic crude prices have also declined as market concern increased regarding an increase in coronavirus infections worldwide, which could lower crude demand as nations impose new restrictions to limit the spread of the virus. If demand concerns persist, crude prices could continue to decline — alongside pump prices.

GasBuddy:

"Gas prices have continued to remain subdued in large part due to the stalemate in Washington that's holding back another round of stimulus for Americans, which could boost the economy and oil demand and help Americans get back to work," said Patrick De Haan, head of petroleum analysis for GasBuddy.

"Absent some resolve from lawmakers to boost the economy, we're likely in store for another week of sideways price movements, keeping average gas prices near current levels for the fourth straight month. We may continue to see us stuck in this territory until there's meaningful change in our COVID-19 outlook."

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