Higher Gasoline Supply Brings National Prices Down

Today’s national average price for a gallon of gasoline is $3.47, down 4 cents since last Monday. One year ago, the price was $3.44. The New York State average is $3.56, down 1 cent since last Monday. A year ago, the NYS average was $3.59. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia – $3.43 (down 1 cent from last Monday)
  • Buffalo – $3.44 (down 1 cent from last Monday)
  • Rochester – $3.51 (down 2 cents from last Monday)

The national average for a gallon of regular gasoline is down despite data from the Energy Information Administration (EIA) which shows that gas demand is on the rise. However, total domestic gasoline stocks have increased. The growth in total supply has helped to limit pump price increases. If demand does not spike, drivers could continue to see pump prices drop. 

This morning oil prices range from $74 to $80 per barrel, down a few dollars from last week. Crude prices fell after the U.S. Federal Reserve increased interest rates and signaled that more increases are likely. As a result, the market believes oil demand could be less than expected this year, pulling prices down. Oil stock levels are also up.