National prices expected to continue their decline; local prices should follow
By AAA of Western and Central New York
Today’s national average price for a gallon of gasoline is $2.56, down a penny from last week. One year ago, the price was $2.85. The New York state average is $2.74, down 3 cents from last week. A year ago, the state average was $3.
AAA Western and Central New York (AAA WCNY) reports the following averages:
With the fall driving season on the horizon, lower demand – even amid reduced stock levels – will likely help to push pump prices lower. Winter blend fuel is also cheaper to produce.
At the close of Friday’s formal trading session, oil prices settled at $56.52 – up slightly. Oil prices started the day lower due to continued market concerns over the U.S.-China trade war. If tensions between the countries escalate and result in more tariffs, market observers are concerned oil demand from the two largest oil-consuming countries will decline.
Earlier in the week, domestic crude prices rose after the Energy Information Administration (EIA) reported total domestic crude inventories fell by 4.8 million barrels last week. At 423 million barrels, stocks are approximately 21.5 million barrels higher than were they were at the end of August 2018. The higher inventory level has contributed to cheaper crude prices, helping to keep gas prices less expensive than last summer.
If crude inventories remain high, especially as gasoline demand drops with the fall driving season, pump prices could be as cheap as $2.40 this fall.
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.