Oil Prices Remain Volatile

Today’s national average price for a gallon of gasoline is $4.98, down 3 cents from last Monday. One year ago, the price was $3.07. The New York State average is $5.01 (5.008), down 3 cents since last Monday. A year ago, the NYS average was $3.13. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia – $4.89 (down 3 cents from last Monday)
  • Buffalo – $4.89 (down 1 cent from last Monday)
  • Rochester – $4.97 (down 1 cent from last Monday)

According to the latest data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased while gasoline demand declined slightly, which limited pump price increases.

Crude prices dropped last week amid broad market concern regarding the potential for slower economic growth after the U.S. Federal Reserve raised the interest rate by 0.75 percent. Slower than expected economic growth could cause crude demand to decline, leading to lower oil prices. This morning oil prices are at about $109 to $113 per barrel. However, as crude oil prices remain volatile, the price per gallon for gasoline will likely remain elevated.

To conserve fuel, motorists should map routes, avoid peak traffic times like rush hour, and combine errands into one trip while using cruise control when possible. Drivers should also make sure tire pressure is at the vehicle’s recommended level for the best gas mileage while removing any unnecessary and bulky items from the car since it takes more fuel to accelerate a heavy vehicle. Get more tips here: https://gasprices.aaa.com/news/fuel-saving-tips/. Motorists can benefit from comparing pump prices before filling up with the AAA Mobile App for iPhone, iPad, and Android. 

All WNY is made possible thanks to coffee and sleep deprivation.
Buy us a cup? (of coffee, we can handle the sleep deprivation ourselves)

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