Prices for gasoline both locally and across the country are largely unchanged from a week ago.
The national average price for regular unleaded gasoline is now $2.25 per gallon, down one cent from last week. A year ago, the price was $2.22. The New York State average is $2.41 per gallon, down a penny from last week. A year ago, the NYS average was $2.38.
Here in Western New York, the price in Buffalo is unchanged at $2.34 per gallon; in Rochester, gasoline is down a penny to $2.33.
According to AAA of Western and Central New York, “it appears gas prices may have started leveling out.” According to the Energy Information Administration’s (EIA) report for the week ending on July 7, gasoline demand did not hit an all-time high last week, but it did reach a “top 5” milestone. Demand has been consistently strong based on EIA measurements for this summer, and for the most part, it is keeping pace with the summer of 2016. Drivers may be paying slightly more than last year, but they are likely to continue saving at the pump when prices are compared to earlier this year. South Carolina tops the list for least expensive gasoline ($1.97), while Hawaii has the most expensive at $3.05.
Now, the market will turn its attention toward OPEC to determine if it will maintain compliance with its agreement to limit production through March 2018. In the meantime, drivers are still poised to reap the benefits of the crude glut and continued strong gasoline output rates from refineries.
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