Today’s national average price for a gallon of gasoline is $3.54, down seven cents since last Monday. One year ago, the price was $4.32. The New York State average is $3.68, down three cents since last Monday. A year ago, the NYS average was $4.51. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia – $3.64 (down 1 cent from last Monday)
- Buffalo – $3.71 (no change from last Monday)
- Rochester – $3.74 (no change from last Monday)
Fear of a global economic recession is leading to falling pump prices. The price for oil has dropped into the upper $60s last week, which spurred a retreat for gas prices. This morning oil prices are in the low $70s. Oil market volatility is leading to lower pump prices, and we are also in a pre-summer driving season lull regarding domestic demand. These two factors should keep pump prices drifting lower for now. According to data from the Energy Information Administration (EIA), gas demand decreased significantly, which was expected. Lower demand, alongside an increase in stocks, has contributed to pushing pump prices lower. If demand remains low, drivers will likely continue to see pump prices decline.
Diesel prices dipped slightly. The national average price for a gallon of diesel is $4.05, down six cents from a week ago. Here in New York, the current average for diesel is $4.69, down six cents from last week.
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