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Gas prices drop as oil prices retreat


Mon, Jun 27th 2022 10:45 am

Demand for gasoline on the rise this week as holiday travelers head out

By AAA of Western and Central New York

Today’s national average price for a gallon of gasoline is $4.90, down 8 cents from last Monday. One year ago, the price was $3.10. The New York state average is $4.96, down 5 cents since last Monday. A year ago, the NYS average was $3.15.

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

  • Batavia – $4.88 (down 1 cent from last Monday)
  • Buffalo – $4.86 (down 3 cents from last Monday)
  • Elmira – $4.93 (down 4 cents from last Monday)
  • Ithaca – $4.95 (down 3 cents from last Monday)
  • Rochester – $4.95 (down 2 cents from last Monday)
  • Rome – $4.97 (down 1 cent from last Monday)
  • Syracuse – $4.93 (down 3 cents from last Monday)
  • Watertown – $4.97 (down 1 cent from last Monday)

Lower oil prices have brought some relief to the pump. Crude prices have dropped amid broad market concern regarding the potential for economic growth to slow or stall due to rising interest rates and inflation. A lower economic growth rate than expected could cause crude demand to decline, leading prices to follow suit. This morning, oil prices are at about $108 to $113 per barrel.

Meanwhile, the Energy Information Administration did not release gasoline demand/supply and domestic oil inventory levels data last week due to “systems issues,” but demand is expected to pick up this week as travelers head out for the Independence Day holiday. AAA predicts 47.9 million people will travel 50 miles or more from home over the holiday weekend (June 30 – July 4). This is an increase of 3.7% over 2021, bringing travel volumes just shy of those seen in 2019. The biggest surprise – car travel – will set a new record despite historically high gas prices, with 42 million people hitting the road. AAA reminds road trippers and air travelers to pack their patience and plan ahead to avoid hassles.

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.

AAA members receive discounts at gas stations such as Fastrac, Maple Leaf Market and Shell. 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.

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