OPEC deal to boost crude oil production
By AAA of Western and Central New York
Monday's national average price for a gallon of gasoline is $2.85, which is down 5 cents from last week. One year ago, the price was $2.27. The New York state average is $3.02, which is down 3 cents from last week. A year ago, the state average was $2.44.
AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $2.98 (down 1 cent since last week)
- Buffalo - $3.00 (down 1 cent since last week)
- Ithaca - $2.91 (down 4 cents since last week)
- Rochester - $2.96 (down 3 cents since last week)
- Rome - $2.99 (down 4 cents since last week)
- Syracuse - $2.91 (down 4 cents since last week)
- Watertown - $3.07 (down 1 cent since last week)
OPEC's announcement Friday to increase oil production (potentially 600,000 to 1 million b/d) is expected to decrease crude oil prices and in turn lower pump prices. The increase in production will help to offset the shrinking global supply caused by high global demand seen in 2018.
Until there is a clear picture of the extent of production increases, it is unknown how dramatically this news will impact pump prices. However, U.S. pump prices will likely not see any immediate impact from the OPEC news.
Beyond the OPEC news, U.S. gas prices have been declining for the past month. This is in advance of a record-breaking Independence Day travel period. AAA expects 46.9 million Americans to travel 50 miles or more, with the majority (39.7 million) taking road trips.
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.
AAA WCNY reminds members they can receive discounts at NOCO gas stations, as well as Fastrac locations. Learn more
HERE. One can find the lowest prices in your 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.
