Gas prices drop slightly; planned release of oil reserves aids in price drop

By AAA of Western and Central New York

Today’s national average price for a gallon of gasoline is $4.19, down 6 cents change from last week. One year ago, the price was $2.87. The New York state average is 4.29, down 6 cents from last week. A year ago, the NYS average was $2.90.

AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia – $4.32 (down 4 cents from last week)
• Buffalo – $4.33 (down 3 cents from last week)
• Elmira – $4.21 (down 4 cents from last week)
• Ithaca – $4.25 (down 7 cents from last week)
• Rochester – $4.35 (down 3 cents from last week)
• Rome – $4.26 (down 2 cents from last week)
• Syracuse – $4.28 (down 3 cents from last week)
• Watertown – $4.32 (down 3 cents from last week)

In the past week, the national average for a gallon of regular gasoline has decreased by six cents. According to data from the Energy Information Administration (EIA), total domestic gasoline stocks increased while gasoline demand decreased from 8.63 million barrels per day to 8.5 million. The drop in gas demand, alongside growth in total stocks, contributes to price decreases. If demand continues to decline as gasoline stocks continue to build, the national average will likely continue to move lower.

This morning, oil prices are hovering right around the $100 per barrel mark. They dropped after news that the U.S. will release 1 million barrels of oil per day from the Strategic Petroleum Reserve. While the pump price impact will be determined by the exact amount of oil purchased in the market and the duration of the daily releases, some reports have noted that releases could last for up to 180 days. If the releases occurred for that long, the market would likely see downward pressure on oil prices. However, the global oil market remains highly volatile, so additional news that threatens supply could put upward pressure on oil prices.

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. Get more tips here: https://gasprices.aaa.com/news/fuel-saving-tips/.

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.

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.