Tax relief at pumps leads to decreased costs
Today’s national average price for a gallon of gasoline is $4.71, up 9 cents in just two days. But in New York State the suspension of the gas tax has already had an impact, lowering the average price per gallon to $4.83, a drop of 10 cents per gallon. One year ago, the national price was $3.05. A year ago, the NYS average was $3.08.
AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia – $4.72 (down 13 cents from yesterday)
- Buffalo – $4.69 (down 15 cents from yesterday)
- Rochester – $4.76 (down 14 cents from yesterday)
This morning, oil prices are just above $114 per barrel, which is slightly lower than yesterday’s closing. OPEC has suggested it could begin producing more oil if Russian output drops below a certain level, which could bring oil prices down.
Meanwhile, the state average for diesel fuel is at $6.36, a drop of 9 cents from yesterday. A year ago, the average cost for a gallon of diesel was $3.24.
With Memorial Day in the review mirror, motorists are hoping for some relief at the pump. That will depend on oil prices, demand, and geopolitical factors. In a typical year, pump prices peak around Memorial Day and taper off over the summer though summer prices are almost always more expensive than winter prices due to increased demand and summer blend fuel that is more expensive to produce.
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