National Average Gas Price Drops with Demand

National Average Gas Price Drops with Demand

Oil Prices Decline Amid Recession Fear
Elizabeth Carey
National Average Gas Price Drops with Demand

Today’s national average price for a gallon of gasoline is $3.89, down 3 cents from one week ago. One year ago, the price was $3.32. The New York State average is $3.68, up 5 cents since last Monday. A year ago, the NYS average was $3.42. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $3.74 (down 1 cent from last week)
  • Buffalo - $3.70 (up 1 cent from last week)
  • Elmira - $3.53 (up 5 cents from last week)
  • Ithaca - $3.73 (no change from last week)
  • Rochester - $3.70 (up 1 cent from last week)
  • Rome - $3.75 (up 2 cents from last week)
  • Syracuse - $3.59 (up 1 cent from last week)
  • Watertown - $3.71 (down 1 cent from last week)

The national average for a gallon of regular gasoline is down this week. The latest data from the Energy Information Administration shows that gas demand decreased nationally while total domestic gasoline stocks increased. Lower gasoline demand, amid increasing supply and fluctuating oil prices, has contributed to the national average moving downward.

This morning, oil prices range from $86 to $92 per barrel. Crude prices have declined due to ongoing market concerns about crude demand as fear of a recession has increased. If economic growth stalls or declines, crude demand is likely to follow suit alongside prices. Additionally, ongoing COVID lockdowns in China have also contributed to concerns that oil demand may stumble and push prices lower.

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 the latest news and fuel-saving tips at http://gasprices.aaa.com.