Higher demand is offset by increase in supply and low oil prices
Today’s national average price for a gallon of gasoline is $3.59, four cents higher than last Monday. One year ago, the price was $5.01. The New York State average is $3.69, down one cent since last Monday. A year ago, the NYS average was $5.03. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia – $3.64 (down one cent from last Monday)
- Buffalo – $3.68 (no change from last Monday)
- Rochester – $3.73 (no change from last Monday)
Higher demand for gasoline has driven the national average for a gallon of gas up over the last week, while prices in New York are relatively flat. According to the latest data from the Energy Information Administration (EIA), demand for gas has hovered above 9 million barrels a day in the U.S. for three straight weeks, the first time that has happened since November of 2021. Demand for gas is being countered by and increase in supply and oil prices that remain around $70 per barrel despite Saudi Arabia’s announcement that it will cut oil production by another million barrels a day this summer.
One year ago, on June 14, 2022, the highest recorded average for gas was reached across the country at $5.02 for a gallon of regular and in New York at $5.04 a gallon.
Diesel prices continue to fall. The national average price for a gallon of diesel is $3.91, down one cent from a week ago. Here in New York, the current average for diesel is $4.49, down four cents from last week.
