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Lower demand, lower gas prices in WNY

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Mon, Nov 5th 2018 01:25 pm
Sanctions against Iran go into effect today
By AAA of Western and Central New York
Today's national average price for a gallon of gasoline is $2.76, down 6 cents from last week. One year ago, the price was $2.53. The New York state average is $2.94 - down 2 cents from last week. A year ago, the state average was $2.66.
AAA Western and Central New York (AAA WCNY) reports the following averages:
  • Batavia - $2.92 (no change since last week)
  • Buffalo - $2.98 (no change since last week)
  • Ithaca - $2.84 (down 3 cents since last week)
  • Rochester - $2.90 (down 2 cents since last week)
  • Rome - $2.90 (down 3 cents since last week)
  • Syracuse - $2.84 (down 3 cents since last week)
  • Watertown - $2.98 (down 2 cents since last week)
According to the Energy Information Administration (EIA), total gas demand dropped to 9.26 million b/d last week, which is approximately 200,000 b/d lower than the rate at this time in 2017. Lower gas demand has contributed to lower pump prices after prices spiked earlier this fall. If domestic demand for gasoline remains low, motorists are likely to see prices continue to drop as winter approaches.
Steady growth in crude inventories has helped to check excessive increases in crude prices. However, pending U.S.-imposed sanctions on Iran's crude exports could potentially ignite fears in the market about constrained global supply this winter, leading oil prices to see new highs for 2018. The sanctions, which will strike the country's oil exports, take effect today.
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 the area at http://aaa.opisnet.com/index.aspx.
As upstate New York's largest member services organization, AAA Western and Central New York provides more than 870,000 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.

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