Gas Demand Rebounds
Today’s national average price for a gallon of gasoline is $4.21, down 15 cents from one week ago. One year ago, the price was $3.17. The New York State average is $4.52, down 6 cents since last Monday. A year ago, the NYS average was $3.21. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia – $4.49 (down 3 cents from last week)
- Buffalo – $4.51 (down 7 cents from last week)
- Rochester – $4.61 (down 7 cents from last week)
According to the latest data from the Energy Information Administration (EIA), gas demand increased in recent weeks while inventory levels dropped, which could pressure pump prices and slow price decreases if the trend holds. Yet for now, prices continue to drop.
Crude prices continue to fluctuate and impact pump prices. This morning, oil is priced at $98 to $104 per barrel. If oil prices increase, gas prices will likley follow as oil accounts for half of each gallon of gasoline produced.
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