Gas prices are falling, but will they keep going down?

Lower oil prices, rising supply, softer demand push fuel costs down nationwide

By AAA of Western and Central New York

The national average price for a gallon of gasoline is $4.32, down 19 cents from last Monday. One year ago, the price was $3.14. The New York state average is $4.53, down 6 cents from last Monday. A year ago, the NYS average was $3.12.

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

• Batavia – $4.48 (down 9 cents from last Monday)
• Buffalo – $4.54 (down 5 cents from last Monday)
• Elmira – $4.45 (down 8 cents from last Monday)
• Ithaca – $4.58 (down 1 cent from last Monday)
• Rochester – $4.54 (down 5 cents from last Monday)
• Rome – $4.52 (down 4 cents from last Monday)
• Syracuse – $4.55 (down 3 cents from last Monday)
• Watertown – $4.53 (down 8 cents from last Monday)

Gas prices have edged down slightly as June begins, offering brief relief after a Memorial Day travel surge. AAA projects 39.1 million Americans drove 50 miles or more during the travel period despite elevated fuel costs. Meanwhile, crude oil prices have been wavering amid renewed geopolitical tensions, including uncertainty surrounding negotiations with Iran. Any setback could quickly push prices higher again, and with the summer driving season ramping up, gas costs are expected to remain on the higher side for the foreseeable future.

This morning, pump prices are retreating as oil prices are also down to $90 to $94 per barrel, compared to $92 to $98 a week ago.

According to the latest data from the Energy Information Administration (EIA), gasoline demand is down while total domestic gasoline supply has increased. Meanwhile, gasoline production continues to rise. This positive balance of supply and demand could be a factor in the lowering of pump prices.

Diesel prices are down this week, with the national average at $5.45, down 15 cents from last week, but up from $3.52 a year ago. The New York average for diesel fuel is $5.86, down 5 cents from last week, and up from $3.87 last year.

When it comes to EV charging, the national average for L2 commercial electricity remains steady. Today’s national average per kilowatt hour of electricity at a public EV charging station is 42 cents. New York’s rate remains at 40 cents. The state is home to 21,342 chargers. An estimated 1.2 million AAA members live in households with one or more electric vehicles.

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. Motorists can benefit from comparing pump prices before filling up with the AAA mobile app for iPhone, iPad and Android.

AAA members can save on gas at Love’s Travel Stops or by joining the Fuel Rewards at Shell program. Learn more about those discounts here. Motorists can locate gas prices across the country and stay up-to-date on news and fuel-saving tips at www.gasprices.AAA.com while the AAA mobile app locates the cheapest fuel prices based on a user’s location.

As upstate New York’s largest member services organization, AAA Western and Central New York provides more than 850,000 members with travel, insurance, financial and automotive-related services. Since its founding in 1900, AAA WCNY has been a leading advocate for the safety and security of all travelers. Visit AAA at www.AAA.com.