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Gas prices and demand slow down; fear of global recession brings oil prices down


Mon, May 8th 2023 10:10 am

Submitted by AAA of Western and Central New York

Today’s national average price for a gallon of gasoline is $3.54, down seven cents since last Monday. One year ago, the price was $4.32. The New York state average is $3.68, down three cents since last Monday. A year ago, the NYS average was $4.51.

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

√ Batavia – $3.64 (down 1 cent from last Monday)

√ Buffalo – $3.71 (no change from last Monday)

√ Elmira – $3.67 (down 3 cents from last Monday)

√ Ithaca – $3.71 (no change from last Monday)

√ Rochester – $3.74 (no change from last Monday)

√ Rome – $3.71 (down 1 cent from last Monday)

√ Syracuse – $3.70 (down 2 cents from last Monday)

√ Watertown – $3.78 (down 1 cent from last Monday)

Fear of a global economic recession is leading to falling pump prices. The price for oil has dropped into the upper $60s last week, which spurred a retreat for gas prices. This morning, oil prices are in the low $70s. Oil market volatility is leading to lower pump prices, and we are also in a pre-summer driving season lull regarding domestic demand. These two factors should keep pump prices drifting lower for now. According to data from the Energy Information Administration (EIA), gas demand decreased significantly, which was expected. Lower demand, alongside an increase in stocks, has contributed to pushing pump prices lower. If demand remains low, drivers will likely continue to see pump prices decline.

Diesel prices dipped slightly. The national average price for a gallon of diesel is $4.05, down 6 cents from a week ago. Here in New York, the current average for diesel is $4.69, down 6 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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