The price of gasoline has fallen again in the last week, down both locally and nationally.
The national average price for regular unleaded gasoline is $2.12 per gallon, which is the lowest price for this date since 2004 and 26 cents below 2016’s peak price to date of $2.40 on June 11. The New York State average is $2.31 per gallon, down two cents from last week. A year ago, the NYS average was $2.81.
AAA Western and Central New York (AAA WCNY) reports that the price of gas in Buffalo is now an average of $2.29 per gallon — down two cents from a week ago. In Rochester, the price is $2.26 per gallon — down a penny from a week ago.
With gasoline supplies high and oil prices low, pump prices are likely to remain relatively cheap through the remainder of the summer and into the fall. This comes even as U.S. drivers are on track to shatter the all-time record for total miles driven in a year. Provided the next month does not bring a major market-moving event, like a major hurricane or escalating geopolitical tensions overseas, pump prices are likely to remain at relatively low levels. It is even possible that the national average price of gas may dip below $2.00 per gallon after the summer driving season ends and refineries switch over to less expensive winter-blend gasoline on September 15.
