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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.

June 17, 2019 - 12:14pm
posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.69, down 6 cents from last week. One year ago, the price was $2.89. The New York State average is $2.87 – down 3 cents from last week. A year ago, the NYS average was $3.05. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia -- $2.80 (down 3 cents since last week)
  • Buffalo -- $2.85 (down 2 cents since last week)
  • Ithaca -- $2.78 (down 2 cents since last week)
  • Rochester -- $2.81 (down 3 cents since last week)
  • Rome -- $2.84 (down 2 cents since last week)
  • Syracuse -- $2.77 (down 4 cents since last week)
  • Watertown -- $2.82 (down 6 cents since last week)

The national average price for regular unleaded gasoline is $2.69 per gallon, which is 6 cents less than last week, 17 cents less than a month ago, and 20 cents less than a year ago.

Increased stocks of gasoline continue to push pump prices lower, according to the Energy Information Administration (EIA). In its latest weekly petroleum report, EIA revealed that total domestic inventories of gasoline grew while demand is also up, which is common for this time of year.

As the summer driving season gets underway, increased gas stocks will help meet high demand and keep prices in line.

Crude prices increased after heightened market fears due to rising tensions in the Middle East. Last week, two tankers (one carried menthol and the other carried crude oil) in the Gulf of Oman were attacked.

Approximately 20 percent of global crude supplies flow through the waterway. The Trump Administration attributed the attack to Iran, with Iran denying the accusation. If tension between the United States and Iran escalates, the market will likely continue pushing global crude prices higher due to increased fears that more tankers could be targeted.

June 10, 2019 - 9:28am
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, down 6 cents from last week. One year ago, the price was $2.92. The New York State average is $2.90 – down 3 cents from last week. A year ago, the NYS average was $3.07. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $2.83 (down 1 cent since last week)
  • Buffalo - $2.87 (down 1 cent since last week)
  • Ithaca - $2.84 (down 2 cents since last week)
  • Rochester - $2.84 (down 3 cents since last week)
  • Rome - $2.86 (down 1 cent since last week)
  • Syracuse - $2.81 (down 3 cents since last week)
  • Watertown - $2.88 (down 5 cents since last week)

Gasoline stocks rose again last week though they remain much lower than last year. If stocks continue to increase, alongside declining oil prices, American motorists will likely see the cost of gasoline continue to fall at their local gas stations this week.

Summer 2019 gasoline demand is forecasted to be extremely high -- reaching some of the highest levels on record in the United States. If the country sees warm summer weather that encourages travel and demand reaches expected levels, pump prices could see modest increases, especially if supply is tight in local markets.

May 28, 2019 - 2:35pm
posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.83, down 2 cents from last week. One year ago, the price was $2.97. The New York State average is $2.95 – no change from last week. A year ago, the NYS average was $3.10. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $2.86 (up 2 cents since last week)
  • Buffalo - $2.89 (no change since last week)
  • Ithaca - $2.87 (no change since last week)
  • Rochester - $2.88 (down 1 cent since last week)
  • Rome - $2.88 (down 1 cent since last week)
  • Syracuse - $2.85 (down 1 cent since last week)
  • Watertown - $2.96 (no change since last week)

Gas prices have declined, on average, by at least a nickel, for the majority of the country since the beginning of May — and that’s a trend motorists can expect to continue into early June.

Stable crude oil prices are helping to push prices down at the pump, despite tight domestic gasoline supply and robust demand. A bump in demand could push prices higher, but hopefully only by a few cents.

To keep gas prices decreasing and/or stable, stocks will need to continue to build.

May 20, 2019 - 8:11am
posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.85, down a penny from last week. One year ago, the price was $2.92. The New York State average is $2.96 – also down a penny 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 -- $2.84 (up 1 cent since last week)
  • Buffalo -- $2.89 (up 1 cent since last week)
  • Ithaca -- $2.87 (down 2 cents since last week)
  • Rochester -- $2.89 (no change from last week)
  • Rome -- $2.89 (down 1 cent since last week)
  • Syracuse -- $2.86 (down 1 cent since last week)
  • Watertown -- $2.96 (no change from last week)

The Energy Information Administration’s latest demand reading for gasoline dropped to 9.1 million b/d, a level typically seen in the fall or winter. The drop is approximately 800,000 b/d lower than the previous week and 400,000 b/d lower than this time last year. Part of the decline in demand is likely due to recent inclement weather in the Rockies and Midwest that may have kept American motorists off the roads more than usual during the spring.

However, pump prices will likely rebound as we head into the upcoming Memorial Day weekend. AAA predicts nearly 43 million Americans will be traveling for the long weekend – with the majority, 37.6 million, taking road trips. In New York State, 2.65 million people will be traveling for the holiday, an increase of 3.5 percent from 2018. A record 2.39 million will be traveling by car and nearly 183,000 by air. 73,000 will be traveling by other modes of transportation.

May 13, 2019 - 8:55am
posted by Howard B. Owens in gas prices, news.

Press release from AAA: 

Today’s national average price for a gallon of gasoline is $2.86, down 4 cents from last week. One year ago, the price was $2.87. The New York State average is $2.96 – down 1 cent from last week. A year ago, the NYS average was $3. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia -- $2.83 (down 1 cent since last week)
  • Buffalo -- $2.88 (down 1 cent since last week)
  • Ithaca -- $2.89 (down 1 cent since last week)
  • Rochester -- $2.89 (down 1 cent since last week)
  • Rome -- $2.90 (down 1 cent since last week)
  • Syracuse -- $2.87 (down 2 cents since last week)
  • Watertown -- $2.96 (no change since last week)

During this time of year, switching to the more expensive summer blend gasoline, ongoing refinery maintenance, and healthy consumer demand all contribute to pump prices increasing. A decrease, even by 1 or 2 cents is unusual. Motorists should expect an upswing in prices as we get closer to Memorial Day.

As far as crude oil goes, at the close of Friday’s formal trading session on the NYMEX, WTI decreased 4 cents to settle at $61.66. On the week, crude prices have moved lower because of global concerns around trade negotiations between the United States and China.

If total crude stocks continue to tighten, American motorists will likely see pump prices continue to increase this spring – alongside the global price of crude, as tightening supply amid robust global crude demand will increase the price per barrel of oil.

May 6, 2019 - 11:56am
posted by Howard B. Owens in gas prices, news.

Press release:

Today’s national average price for a gallon of gasoline is $2.90, up 1 cent from last week. One year ago, the price was $2.81. The New York State average is $2.97 – also up 1 cent from last week. A year ago, the NYS average was $2.95. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia -- $2.84 (no change since last week)
  • Buffalo -- $2.89 (up 2 cents since last week)
  • Ithaca -- $2.90 (no change since last week)
  • Rochester -- $2.90 (up 2 cents since last week)
  • Rome -- $2.91 (no change since last week)
  • Syracuse -- $2.89 (up 1 cent since last week)
  • Watertown -- $2.96 (up 1 cent since last week)

Switching to the more expensive summer blend gasoline, ongoing refinery maintenance, and healthy consumer demand are all contributing to the increase in pump prices across the country.

While price increases have tapered off this week, remember that Memorial Day is on the horizon. Current factors are likely to continue playing a role in price increases, so American motorists should expect to see prices continue to ascend in the weeks ahead.

Although oil prices inched up at the close of trading on Friday, crude saw losses last week after new concerns about U.S. oversupply emerged. The Energy Information Administration (EIA) weekly petroleum report revealed that domestic crude inventories jumped significantly — by 10 million barrels.

Crude inventories have not been this high since September 2017, according to EIA’s data. An all-time record high for domestic crude production in recent weeks (after concerns of dwindling supply) contributed to the substantial growth in U.S. crude stocks.

Growing domestic crude stocks could play a role in helping to keep gas prices low this summer, since crude comprises roughly 50 percent of the cost American motorists pay at the pump. However, if crude exports from the U.S. increase this summer, the domestic crude that could be used to make gasoline for American motorists will be siphoned off to meet restricted supply in the global crude market.

April 29, 2019 - 8:05am
posted by Howard B. Owens in gas prices, news.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.89, up 5 cents from last week. One year ago, the price was $2.81. The New York State average is $2.96 – up 7 cents 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 -- $2.84 (up 6 cents since last week)
  • Buffalo -- $2.87 (up 6 cents since last week)
  • Ithaca -- $2.90 (up 6 cents since last week)
  • Rochester -- $2.88 (up 6 cents since last week)
  • Rome -- $2.91 (up 7 cents since last week)
  • Syracuse -- $2.88 (up 7 cents since last week)
  • Watertown -- $2.95 (up 8 cents since last week)

The main reasons for the continuing increase in prices: lower domestic stock levels, the switchover to more expensive-to-produce summer blend gasoline and reduced gasoline production as a result of maintenance at refineries across the country. As a result, American motorists should expect increased pump prices as demand remains robust and stocks dwindle this week.

AAA and OPIS (Oil Price Information Service) analyzed a range of data to identify how much more time Americans have to punch the clock to afford a tank of gas. For the methodology, the median income for each county was broken down to an income by minute assuming a 40-hour workweek. The average gasoline price was compared to the income per minute.

Counties in the Southeast have been hit the hardest with McCreary County, Ky., topping the list. There, the average worker needs to work for 17.17 minutes more just to buy one gallon of regular unleaded gasoline (compared to 13 minutes in January). That is a 32-percent longer work time than at the start of the year.

According to data released by AAA, a Genesee County median-income resident must work 6.44 minutes to pay for a gallon of gas, that's up 3.5 percent from the start of the year when the time was 6.22 minutes.

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