Gas prices in Rochester fell a penny in the last week to $2.70, while prices in Buffalo remained unchanged at $2.69.
Today’s national average price for a gallon of gasoline is $2.58, which is down three cents from one week ago. One year ago, the price was $2.28. The New York State average is $2.76, down two cents from last week. A year ago, the NYS average was $2.48.
Gas prices are dipping slightly thanks to rising inventories of gasoline along the East Coast territory and an increase in crude oil supplies, in addition to the drop in oil prices last week.
Consumer gasoline demand continues to climb, hitting its highest point yet in 2018. According to the Energy Information Administration’s latest weekly petroleum status report, demand registered at 9.11 million b/d (barrels per day). That is 70,000 b/d more than the previous week and nearly 170,000 b/d more than the same time in 2017. While demand last year did not hit the 9 million b/d mark until early March, it did hit it in early February both in 2016 and 2009. Typically demand reaches high rates in March when the spring driving season kicks off. Among factors, strong consumer confidence in the economy has contributed to drivers using more gasoline than usual this winter.
