Oil prices dropped on Friday
By AAA of Western and Central New York
The national average price for a gallon of gasoline is $2.95, which is down 2 cents from last week. One year ago, the price was $2.38. The New York state average is $3.09, which is down 1 cent from last week. A year ago, the state average was $2.51. AAA Western and Central New York reports the following averages:
- Batavia - $3.01 (no change since last week)
- Buffalo - $3.02 (up 2 cents since last week)
- Ithaca - $3.01 (no change since last week)
- Rochester - $3.03 (down 1 cent since last week)
- Rome - $3.07 (down 2 cents since last week)
- Syracuse - $3.03 (down 2 cents since last week)
- Watertown - $3.11 (down 1 cent since last week)
The national average price for regular unleaded gasoline is $2.95 per gallon, which is 2 cents lower than last week, 13 cents more than a month ago, and 57 cents more than last year.
When compared to prices at this time last year, increased crude prices and robust gasoline demand - among other factors - have helped push gas prices up. According to the Energy Information Administration's (EIA) report for the week ending May 25, demand remained unchanged from the previous week at 9.7 million barrels per day, while gasoline inventories grew by approximately 500,000 barrels. Total gas stocks are running approximately 8.7 million barrels above the five-year average. Crude prices fell Friday because the dollar gained amid news of continued growth in the total number of jobs across the country. Based on these trends, pump prices are likely to stabilize.
If the OPEC and its partners decide to increase crude output, they will likely announce the decision on June 22 at the next OPEC meeting in Vienna, Austria.
AAA WCNY reminds members they can receive discounts at NOCO gas stations, as well as Fastrac locations. Learn more
HERE. Find the lowest prices in the area at
http://aaa.opisnet.com/index.aspx.
As upstate New York's largest member-services organization, AAA provides more than 870,000 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.
