Gas Prices Resume Retreat

Gas Prices Resume Retreat

Low oil prices supply holiday season gift to drivers
Mark Gruba
Low oil prices supply holiday season gift to drivers

Today’s national average price for a gallon of gasoline is $3.15, down nine cents from last Monday. One year ago, the price was $3.28. The New York State average is $3.48, down five cents from a week ago. A year ago, the NYS average was $3.61. AAA Western and Central New York (AAA WCNY) reports the following averages:

•    Batavia - $3.54 (down 1 cent from last Monday)
•    Buffalo - $3.58 (down 5 cents from last Monday)
•    Elmira - $3.23 (down 4 cents from last Monday)
•    Ithaca - $3.55 (down 4 cents from last Monday)
•    Rochester - $3.56 (down 5 cents from last Monday)
•    Rome - $3.56 (down 5 cents from last Monday)
•    Syracuse - $3.50 (down 5 cents from last Monday)
•    Watertown - $3.41 (down 9 cents from last Monday)

After a slight pause, gas prices moved steadily lower over the last week with the national average trimming nine cents to $3.15 for a gallon of regular. Lower oil prices continue to drive the decline as the average price for a barrel of oil has fallen from the $80s into the low $70s where it stands this morning. The falling price comes just over a week after OPEC+ announced voluntary production cuts of about 2 million barrels a day.

According to the latest data from the Energy Information Administration (EIA), gas demand increased slightly last week while the domestic supply rose significantly by over 5 million barrels of crude. Supply growth has helped push pump prices lower. If oil prices remain low, drivers can expect gas prices to follow suit during the holiday season.

Diesel prices are also dropping. The national average price for diesel is $4.10, down nine cents from last Monday, and down from $4.94 a year ago. The New York average for diesel is $4.55, down four cents from a week ago, and lower than $5.64 one year ago. 

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 now 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.