Pandemic Impacts Oil Prices, Gas Prices

Pandemic Impacts Oil Prices, Gas Prices

Oil prices drop as COVID-19 concerns grow
Elizabeth Carey
gas pump in car

Today’s national average price for a gallon of gasoline is $2.11, down two cents from one week ago. One year ago, the price was $2.62. The New York State average is $2.22 – down one cent from last week. A year ago, the NYS average was $2.70. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $2.18 (down one cent since last week)
  • Buffalo - $2.18 (down two cents since last week)
  • Ithaca - $2.18 (no change cent since last week)
  • Rochester - $2.22 (no change since last week)
  • Rome - $2.30 (no change since last week)
  • Syracuse - $2.14 (down one cent since last week)
  • Watertown - $2.28. (down one cent since last week)

The Energy Information Administration (EIA) reports that gas demand decreased again while total domestic stocks increased – pushing pump prices down. With demand remaining low, American drivers should expect pump prices to continue to decline.

Domestic crude prices fell last week due to market concern about increasing coronavirus infections worldwide, which could lower crude demand as countries impose new restrictions that will likely limit oil consumption. The drop in crude prices occurred despite EIA’s report showing that total domestic crude inventories dropped. Crude prices are up slightly this morning, so AAA will continue to monitor that activity. 

AAA members receive discounts at gas stations such as Fastrac, Maple Leaf Market and Shell locations across the country. Learn more here. Motorists can always find current gas prices along their route with the free AAA Mobile app for iPhone, iPad, and Android. The app can also be used to map a route, find discounts, book a hotel, and access AAA roadside assistance. Locate gas prices across the country at http://gasprices.aaa.com.