Oil prices tumble amid news of omicron COVID-19 variant
By AAA of Western and Central New York
Today’s national average price for a gallon of gasoline is $3.36, down 3 cents from last week. One year ago, the price was $2.16. The New York state average is $3.54 – down 2 cents from last week. A year ago, the NYS average was $2.25.
AAA Western and Central New York (AAA WCNY) reports the following averages:
Crude oil prices tumbled amid news of the omicron COVID-19 variant, and national pump prices quickly followed, dropping 3 cents over the past week. It’s too soon to tell if fears of a global economic slowdown caused by the omicron variant will push oil prices lower for the long term. But for now, the upward pricing pressure due to tightened supply and high demand seems to have abated as pump prices appear to be stabilizing. If oil prices remain lowered, local pump prices should follow.
Before reports of the new variant, the Energy Information Administration reported that total domestic crude supply increased by 1 million barrels. However, prices rose despite President Joe Biden’s announcement that the federal government was releasing oil held in the U.S. Strategic Petroleum Reserve (SPR). The impact on gas prices depends on the total amount of oil that moves into the market after coordinated releases around the globe.
To conserve fuel, motorists should map routes, avoid peak traffic times like rush hour, and combine errands into one trip while using cruise control when possible. Drivers should also make sure tire pressure is at the vehicle’s recommended level for the best gas mileage while removing any unnecessary and bulky items from the car, since it takes more fuel to accelerate a heavy vehicle.
Motorists can benefit from comparing pump prices before filling up with the AAA mobile app for iPhone, iPad and Android – a convenient option to find the lowest gas prices in a given area. Plus, the app is the quickest way to request roadside assistance, map a route, find discounts, or book a hotel.
AAA members receive discounts at gas stations such as Fastrac, Maple Leaf Market and Shell locations across the country. Learn more here. AAA members can save on gas by joining the Fuel Rewards at Shell program. Join at AAA.com/Shell.
Motorists can also locate gas prices across the country and stay up-to-date on the latest news and fuel-saving tips at http://gasprices.aaa.com.
As upstate New York’s largest member services organization, AAA Western and Central New York provides more than 887,000 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.