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Oil prices drop to August 2021 levels


Mon, Mar 20th 2023 10:45 am

Gas prices drop as oil prices fall

By AAA of Western and Central New York

Today’s national average price for a gallon of gasoline is $3.44, down 3 cents since last Monday. One year ago, the price was $4.26. The New York state average is $3.44, down 2 cents since last Monday. A year ago, the NYS average was $4.37.

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

√ Batavia – $3.38 (no change from last Monday)

√ Buffalo – $3.36 (no change from last Monday)

√ Elmira – $3.40 (down 1 cent from last Monday)

√ Ithaca – $3.45 (down 2 cents from last Monday)

√ Rochester – $3.41 (down 1 cent from last Monday)

√ Rome – $3.47 (down 1 cent from last Monday)

√ Syracuse – $3.42 (down 1 cent from last Monday)

√ Watertown – $3.46 (down 1 cent from last Monday)

Global oil prices plunged into the low to mid $60 per barrel range last week, a level not seen since August 2021. Given that the cost of oil accounts for 55% of what we pay for gas, lower oil prices should bring pump prices down. However, gas stations paid for the fuel that is in their underground tanks weeks ago, when oil was nearly $15 more a barrel. So, it will take time for significant savings to be reflected at the pump – assuming that oil prices don’t rise again.

This morning, oil prices range from $65 to $70 per barrel, down from $77 to $83 last week.

According to the Energy Information Administration (EIA), gas demand increased slightly while total domestic gasoline stocks decreased. Typically, increased demand amid tighter supply would push pump prices higher; however, lower oil prices have countered this effect. If crude oil prices keep falling, drivers could see pump prices decline.

Diesel prices continue to fall. The national average price for a gallon of diesel is $4.29, down 5 cents from a week ago. Here in New York, the current average for diesel is $4.92, down 4 cents from last week.

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 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 862,000 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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