Low Demand and Increased Supply Keeping Prices Down
Today’s national average price for a gallon of gasoline is $3.04, down 1 cent since last Monday. One year ago, the price was $3.29. The New York State average is $3.41, down 8 cents since last Monday. A year ago, the NYS average was $3.50. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia – $3.32 (down 2 cents from last Monday)
- Buffalo – $3.46 (down 8 cents from last Monday)
- Rochester – $3.50 (down 7 cents from last Monday)
New York’s average for a gallon of regular is now lower than it was a year ago. According to data from the Energy Information Administration (EIA), gas demand remains low while stocks continue to rise. Increasing supply and low gasoline demand are pushing pump prices lower, a trend that will likely cause pump prices to continue to decrease through next year.
Crude prices increased over the past two weeks after the EIA reported that total domestic commercial crude stocks decreased substantially earlier this month. Oil demand may continue to rise despite ongoing market concerns that a recession or slowdown could occur next year. If economic growth falters, crude demand will likely drop alongside prices. This morning oil prices range from $79 to $84 per barrel, up $5 per barrel from one week ago.
Diesel fuel prices dropped as well with the national average at $4.67, down 10 cents from last Monday, but up from $3.57 one year ago. The New York average for diesel is $5.36, down 10 cents from last Monday and up from $3.72 one year ago.
