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 $4.11, down 8 cents change from last week. One year ago, the price was $2.86. The New York state average is 4.22, down 7 cents from last week. A year ago, the NYS average was $2.89.
AAA Western and Central New York (AAA WCNY) reports the following averages:
√ Batavia – $4.28 (down 4 cents from last week)
√ Buffalo – $4.28 (down 5 cents from last week)
√ Elmira – $4.17 (down 4 cents from last week)
√ Ithaca – $4.21 (down 4 cents from last week)
√ Rochester – $4.30 (down 5 cents from last week)
√ Rome – $4.24 (down 2 cents from last week)
√ Syracuse – $4.25 (down 3 cents from last week)
√ Watertown – $4.28 (down 4 cents from last week)
In the past week, the national average for a gallon of regular gasoline has decreased by 8 cents. According to data from the Energy Information Administration, total domestic gasoline stocks decreased while gasoline demand increased from 8.5 million barrels per day to 8.56 million. Although supply and demand factors would have typically supported elevated pump prices, the fluctuating price of oil continues to be the main factor influencing pump prices. Pump prices will likely face downward pressure if oil prices remain below $100 per barrel.
This morning, oil prices are hovering right around the $100 per barrel mark. They dropped after domestic crude stocks increased in the past week by 2.5 million barrels. Additionally, crude prices faced more downward pressure this week after the International Energy Agency’s 31 member countries, including Mexico, Japan, Germany and Canada, announced plans to release 120 million barrels of crude oil from their emergency oil stockpiles. The amount includes a previously announced 60 million barrels of oil from the U.S. It would be the second coordinated release in just over a month in response to spiking oil prices after Russia invaded Ukraine. The announcement has helped ease some supply concerns, pushing crude prices lower.
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.