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Lower oil prices lead to slower rise in gas prices

Submitted

Mon, May 6th 2024 12:30 pm

Typical pre-Memorial Day trends show low gas demand in early May

By AAA of Western and Central New York

Today’s national average price for a gallon of gasoline is $3.65, down one cent from last Monday. One year ago, the price was $3.55. The New York state average is $3.73, up 2 cents from one week ago. A year ago, the NYS average was also $3.70.

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

Batavia – $3.63 (up 8 cents from last Monday)

Buffalo – $3.65 (up 5 cents from last Monday)

Elmira – $3.64 (up 3 cents from last Monday)

Ithaca – $3.71 (up 3 cents from last Monday)

Rochester – $3.69 (up 5 cents from last Monday)

Rome – $3.75 (up 1 cent from last Monday)

Syracuse – $3.70 (up 3 cents from last Monday)

Watertown – $3.78 (up 1 cent from last Monday)

According to new data from the Energy Information Administration (EIA), gas demand rose a tiny bit last week, meanwhile total domestic gasoline stocks also increased slightly. Tepid demand, increasing supply, and falling oil prices could lower pump prices. Domestic gasoline demand will pick back up as we get closer to Memorial Day weekend and the traditional start of summer driving season, which will likely come with an increase in prices at the pump.

This morning, oil prices range from $78 to $84. Diesel prices remain relatively steady. The national average price for diesel is $3.97, down 3 cents from last Monday. The New York average is $4.40, no change from a week ago.

‚ÄčTo 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 860,000 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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