National Average Down Another 12 Cents
Today’s national average price for a gallon of gasoline is $4.68, down 13 cents from last Monday and down 12 cents since reported last Tuesday. One year ago, the price was $3.14. The New York State average is $4.80, down 9 cents since last Monday. A year ago, the NYS average was $3.20. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia – $4.72 (down 8 cents from last Tuesday)
- Buffalo – $4.76 (down 5 cents from last Tuesday)
- Rochester – $4.86 (down 7 cents from last Tuesday)
Early last week, unleaded gasoline dropped below $5 a gallon at about 80% of gas stations across the country as oil prices dropped amid broad market concern regarding a potential slow, or even stall, of economic growth due to rising interest rates and inflation. A lower economic growth rate than expected could cause crude demand to further decline, leading pump prices to follow suit. This morning, oil prices are at $103 to $105, down slightly from the $103 to $107 per barrel seen last Tuesday.
Last Wednesday, data from the Energy Information Administration (EIA) showed that gas demand sat at 8.93 million b/d, which was lower the last year’s rate of 9.11 million b/d at the end of June. On the other hand, domestic gasoline stocks increased by 2.6 million bbl to 221.6 million bbl. These supply and demand dynamics, along with decreasing oil prices, have pushed pump prices lower. If these trends continue, drivers will likely continue to see relief at the pump.
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