Pump prices drop across region demand is slightly lower than last year

Today’s national average price for a gallon of gasoline is $2.74, down 3 cents from last week. One year ago, the price was $2.86. The New York state average is $2.87, down 2 cents from last week. A year ago, the state average was $3.01.

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

• Batavia - $2.83 (down a penny since last week)
• Buffalo - $2.83 (down 2 cents since last week)
• Ithaca - $2.81 (down 2 cents since last week)
• Rochester - $2.82 (down a penny since last week)
• Rome - $2.84 (down a penny since last week)
• Syracuse - $2.78 (down a penny since last week)
• Watertown - $2.80 (down a penny since last week)

Despite summer travel, lower-than-usual demand has helped to push pump prices down. According to the Energy Information Administration’s (EIA) latest report for the weekend ending on July 19, domestic demand hit 9.67 million barrels per day. Although it grew from the previous week’s 9.2 million level, demand is slightly lower than last year’s usage rate.

With OPEC continuing to reduce crude production, tighter domestic crude supplies could cause prices to continue to increase if demand tightens. Unresolved tension in the Middle East could also push prices up. After Iran captured the U.K.-flagged oil tanker in the Strait of Hormuz, the British Royal Navy announced it will escort U.K.-flagged vessels in the region to protect against future attacks. If tension continues to mount, crude prices will likely continue their ascent.

AAA members receive discounts at gas stations such as Fastrac, Maple Leaf Market and Shell locations across the country. Learn more here. One can find the lowest prices in the area at http://aaa.opisnet.com/index.aspx. 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.

As upstate New York’s largest member services organization, AAA Western and Central New York provides more than 880,000 members with travel, insurance, financial and automotive-related services. Since its founding in 1902, AAA has been a leading advocate for the safety and security of all travelers. Visit AAA at www.AAA.com.