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Pump prices continue to drop; gas demand tapers off in some parts of country


Mon, Aug 8th 2022 10:55 am

By AAA of Western and Central New York

Today’s national average price for a gallon of gasoline is $4.06, down 15 cents from one week ago. One year ago, the price was $3.19. The New York state average is $4.43, down 9 cents since last Monday. A year ago, the NYS average was $3.22.

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

√ Batavia – $4.45 (down 4 cents from last week)

√ Buffalo – $4.45 (down 6 cents from last week)

√ Elmira – $4.42 (down 8 cents from last week)

√ Ithaca – $4.59 (down 6 cents from last week)

√ Rochester – $4.54 (down 7 cents from last week)

√ Rome – $4.63 (down 7 cents from last week)

√ Syracuse – $4.51 (down 7 cents from last week)

√ Watertown – $4.68 (down 4 cents from last week)

According to the latest data from the Energy Information Administration (EIA), gas demand dropped recently to the point where it was in line with demand at the end of July 2020 when COVID-19 restrictions were in place. Meanwhile, stocks continue to rise while oil prices remain lower, which is leading to a drop in gas prices.

This morning, oil prices range from $89 to $95 per barrel. Crude prices have fallen as market concerns about weakening demand persist after the EIA reported that total domestic crude inventory increased. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group also known as OPEC+, announced plans to boost collective crude production by 100,000 barrels next month. However, the slight increase is unlikely to have a significant pricing impact – especially if demand continues to decline.

While overall demand has dropped in the U.S., we are seeing strong demand in New York as the summer travel season continues. Some states return to school earlier than this region, so their summer travel season is wrapping up. Also, new AAA consumer research shows that almost two-thirds of Americans have reduced their driving due to high gas 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.

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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