Up and down: Gas prices reverse course

Increased oil supply and tepid gas demand resulting in low pump prices

Submitted by AAA of Western and Central New York

The national average price for a gallon of gasoline is $3.18, down 8 cents from last Monday. One year ago, the price was $3.63. The New York state average is $3.11, down 3 cents from last Monday. A year ago, the NYS average was $3.51.

AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia – $3.13 (up 1 cent from last Monday)
• Buffalo – $3.06 (down 1 cent from last Monday)
• Elmira – $2.92 (down 6 cents from last Monday)
• Ithaca – $3.03 (down 3 cents from last Monday)
• Rochester – $3.12 (down 1 cent from last Monday)
• Rome – $3.26 (down 2 cents from last Monday)
• Syracuse – $3.10 (down 1 cent from last Monday)
• Watertown – $3.12 (up 1 cent from last Monday)

Prices at the pump are coming down even though this is the time of year when gas prices go up. Supply and demand are the main reason for the dip. After OPEC+ announced it’s increasing oil production next month by more than 400,000 barrels a day – much more than expected – the price of crude oil has been falling. Oversupply, coupled with tepid gasoline demand, is resulting in lower pump prices.

According to the latest data from the Energy Information Administration, gasoline demand decreased from 8.49 b/d last week to 8.42. Total domestic gasoline supply decreased from 237.6 million barrels to 236. Gasoline production decreased last week, averaging 8.9 million barrels per day. Crude oil prices have increased slightly, ranging from $61 to $66 per barrel this morning.

For drivers who use diesel fuel, the national average price for diesel is $3.58, down 4 cents from last Monday. The New York average is $3.91, down 2 cents from last Monday.

When it comes to EV charging, the national and state averages for L2 commercial electricity remain steady. Today’s national average per kilowatt hour of electricity at a public EV charging station remained at 34 cents. An estimated 1.2 million AAA members live in households with one or more electric vehicles.

To conserve fuel, motorists should map routes, avoid peak traffic times like rush hour, and combine errands into one trip while using cruise control when possible. Drivers should also make sure tire pressure is at the vehicle’s recommended level for the best gas mileage, while removing any unnecessary and bulky items from the car since it takes more fuel to accelerate a heavy vehicle. Get more tips here: https://gasprices.aaa.com/news/fuel-saving-tips/. Motorists can benefit from comparing pump prices before filling up with the AAA mobile app for iPhone, iPad and Android.

AAA members receive discounts at gas stations such as Fastrac, Maple Leaf Market and Shell. Learn more here. AAA members can save on gas by joining the Fuel Rewards at Shell program. Join at AAA.com/Shell. Motorists can also locate gas prices across the country and stay up-to-date on news and fuel-saving tips at http://gasprices.AAA.com.

As upstate New York’s largest member services organization, AAA Western and Central New York provides more than 866,000 members with travel, insurance, financial and automotive-related services. Since its founding in 1900, AAA has been a leading advocate for the safety and security of all travelers. Visit AAA at www.AAA.com.