Pump prices drop as Valentine’s Day approaches — and expected to continue to decrease
Today’s national average price for a gallon of gasoline is $3.42, down 5 cents since last Monday. One year ago, the price was $3.49. The New York State average is $3.52, down 4 cents since last Monday. A year ago, the NYS average was $3.68. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia – $3.39 (down 4 cents from last Monday)
- Buffalo – $3.41 (down 3 cents from last Monday)
- Rochester – $3.47 (down 4 cents from last Monday)
The national average for a gallon of gas is down again this week. Fewer people fueling up, and lower costs for oil, are behind the price dip. This morning oil prices range from $79 to $86 per barrel, up a few dollars from last week, but relatively low compared to the highs we saw last year.
The drop in gas prices gives drivers a little more in their wallets just in time for Valentine’s Day. If gas demand and oil costs remain low, drivers will likely see pump prices drop through the week.
According to the latest data from the Energy Information Administration (EIA), gas demand is down slightly compared to one year ago, which explains why gas prices are declining. Meanwhile, total domestic gasoline stocks increased significantly. If gas demand remains low amid growing total domestic stocks, pump prices will drop further.
