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January 20, 2020 - 10:18am
posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.55, down 3 cents since last week. One year ago, the price was $2.24. The New York State average is $2.71 – down 1 cent from last week. A year ago, the NYS average was $2.53.

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

  • Batavia -- $2.64 (down 3 cents since last week)
  • Buffalo -- $2.63 (down 1 cent since last week)
  • Ithaca -- $2.68 (down 2 cents since last week)
  • Rochester -- $2.67 (down 2 cents since last week)
  • Rome -- $2.69 (down 1 cent since last week)
  • Syracuse -- $2.62 (down 1 cent since last week)
  • Watertown -- $2.70 (down 1 cent since last week)

Gas prices have finally started to drop across the region. The usual January decline in prices was stalled due to the situation in the Middle East, which pushed oil prices up.

Today’s national price for a gallon of gasoline is down3 cents while state prices and all regional prices are lower than last week. As long as geopolitical situations don’t escalate, motorists should continue to see more relief at the pump.

January typically brings lower demand for gasoline and winter blend fuel is cheaper to produce.

From GasBuddy:

"With oil prices sagging lately, the door has been opened for a notable decline in U.S. gasoline prices, and that's exactly what has happened, with more declines likely coming ahead of us before the fun is over," said Patrick DeHaan, head of petroleum analysis for GasBuddy.

"The Midwest has been the largest beneficiary of seasonal effects thus far with prices in several areas there declining upwards of 10-15 cents per gallon.

The rest of the country will follow lower for the time being as demand for gasoline remains abysmal and the fuel being produced today will have to eventually be purged from the system over the next few months as refiners begin the transition to summer gasoline."

January 13, 2020 - 10:11am
posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.58, no change since last week. One year ago, the price was $2.25. The New York State average is $2.72 – no change from last week.

A year ago, the NYS average was $2.55. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $2.67 (up 1 cent since last week)
  • Buffalo - $2.64 (down 1 cent since last week)
  • Ithaca - $2.70 (no change since last week)
  • Rochester - $2.69 (no change since last week)
  • Rome - $2.70 (up 1 cent since last week)
  • Syracuse - $2.63 (down 1 cent since last week)
  • Watertown - $2.71 (no change since last week)

With tensions still high in the Middle East, we’ve yet to see the expected drop in gas prices that usually comes in January. However, prices remain stable despite those geopolitical issues.

With increased domestic production, the U.S. is in a better position than in the past with less reliance on the Middle East. Analysts continue to monitor the situation in Iran along with oil prices, which have a direct impact on pump prices.

The mild winter weather also has more people traveling, so demand remains strong for gasoline at this time.

From GasBuddy:

"With Iran and the United States de-escalating rising tensions last week, oil prices plummeted back under $60 per barrel, a welcome sign for motorists who had believed gas prices were about to shoot up.

"For now, the reduced tensions may lead gas prices to again begin falling in most states over the next few weeks before seasonal factors then again push prices back up," said Patrick DeHaan, head of petroleum analysis for GasBuddy.

"We have a closing window of opportunity that will last about four more weeks in which we could see falling prices as demand for gasoline weakens, but by mid-February, that trend may wrap up. I don't expect to see prices fall more than 10-20 cents by then, but some clearance sales may happen in early February as refiners begin seeing challenges getting rid of the gasoline they're forced to produce.

"Bottom line: enjoy the falling prices while they last and cross your fingers that tensions continue to cool between the U.S. and Iran."

January 6, 2020 - 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 $2.58, no change since last week. One year ago, the price was $2.24. The New York State average is $2.72 – up 2 cents from last week. A year ago, the NYS average was $2.59. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia -- $2.66 (no change since last week)
  • Buffalo -- $2.65 (no change since last week)
  • Ithaca -- $2.70 (up 4 cents since last week)
  • Rochester -- $2.69 (down 1 cent since last week)
  • Rome -- $2.69 (up 4 cents since last week)
  • Syracuse -- $2.64 (up 4 cents since last week)
  • Watertown -- $2.71 (up 3 cents since last week)

Gas prices were expected to be lower at the start of the new year, but with oil prices on the rise, motorists are still awaiting a drop at the pump.

Oil prices continue to rise and that directly impacts pump prices. Analysts are keeping a close eye on escalating tensions in the Middle East. The death of the Iranian leader in a U.S. airstrike could eventually lead to higher gas prices.

However, the U.S. has increased domestic production in recent years, so the country is in a better position than in the past.

From GasBuddy:

"To start the first week of a new decade, the national average has seen little change, but with the U.S. targeting and Iranian general in an attack last week, there is a distinct possibility that escalations in tensions may have an affect on gas prices moving forward," said Patrick DeHaan, head of petroleum analysis for GasBuddy.

"For now, there's been no physical disruption or retribution from Iran, but it has been promised. Oil markets have risen on the rising risk of Iran retaliating, but until it happens, don't expect gas prices to see much of a jump.

"For now, I could see a small 5-10 cent per gallon increase over the next couple of weeks, but the real potential for fireworks at the pump will be contingent on retaliation, and whether that retaliation targets oil infrastructure like Iran struck last year. For now we're in limbo, but typically gas prices decline slightly in January and February thanks to seasonally weak gasoline demand."

December 23, 2019 - 12:40pm
posted by Howard B. Owens in gas prices, news.

Press release from AAA: 

Today’s national average price for a gallon of gasoline is $2.55, no change since last week. One year ago, the price was $2.33. The New York State average is $2.69 – 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 -- $2.65 (no change since last week)
  • Buffalo -- $2.60 (down 1 cent since last week)
  • Ithaca -- $2.66 (no change since last week)
  • Rochester -- $2.65 (no change since last week)
  • Rome -- $2.64 (up 3 cents since last week)
  • Syracuse -- $2.60 (up 2 cents since last week)
  • Watertown -- $2.68 (up 2 cents since last week)

Gas prices are relatively stable given the increase in demand for holiday travel this week. With so many motorists out and about for holiday shopping and for holiday road trips, demand is high.

Pump price savings, albeit it small, are expected to come to New York State by the end of the year and are likely to linger into next year.

AAA forecasts that motorists can expect gas prices to edge cheaper by about a dime in the coming weeks as regional refinery rates and gasoline stocks increase throughout the Northeast region.\

From GasBuddy:

"With motorists preparing to hit the road to celebrate Christmas with loved ones, the national average has seen its seventh weekly decline, falling to a fresh low since March, " said Patrick DeHaan, head of petroleum analysis for GasBuddy.

"Closing out 2019 will likely see some additional downward momentum, but the next million-dollar question motorists are beginning to ask: what will the new decade bring to the pump? What's 2020 going to look like?

"GasBuddy is preparing to answer those questions just in time for the New Year, but for now, motorists need not worry, and should continue to enjoy affordable gasoline prices in nearly all states- and that's a terrific end to 2019 as well."

December 16, 2019 - 3:41pm
posted by Howard B. Owens in gas prices, news.

Press release from AAA: 

Today’s national average price for a gallon of gasoline is $2.55, down 2 cents since last week. One year ago, the price was $2.38. The New York State average is $2.67 – down 1 cent 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 - $2.65 (down 1 cent since last week)
  • Buffalo - $2.61 (no change since last week)
  • Ithaca - $2.66 (no change since last week)
  • Rochester - $2.65 (no change since last week)
  • Rome - $2.61 (no change since last week)
  • Syracuse - $2.58 (down 1 cent since last week)
  • Watertown - $2.66 (no change since last week)

Total domestic gasoline stocks continue to increase, according to data from the Energy Information Administration (EIA). Stocks increased by 5.4 million barrels in the most recent report, bringing the total to 234.8 million barrels. Additionally, gas demand decreased.

As stocks continue to grow, while demand decreases, pump prices across the nation are likely to continue seeing downward pressure this week before holiday travel begins.

Gas prices are higher this year than one year ago. The year-over-year difference is due to higher crude prices this winter compared to last year.

From Gas Buddy:

"Gasoline prices have now slid to their lowest level since March thanks to rising U.S. gasoline inventories and sluggish demand, certainly bringing some Christmas cheer to motorists," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "The jump in gasoline inventories has been so large it has offset oil prices which touched $60 per barrel last week, as well as the U.S. and China suggesting they've reached a trade deal.

"Pending more significant proven trade ties between the two major countries, we may have seen the rally in oil stall for now, as refined product inventories post notable jumps going into the end of the year. It may take more inspiration for oil's recent run to translate over into lackluster gasoline, with motorists the clear beneficiaries -- they'll be able to spend a bit more on shopping for those last-minute Christmas gifts."

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.

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