Pump Prices Drop Slightly

Pump Prices Drop Slightly

Gas prices stabilize, for now, as oil prices decline
Elizabeth Carey
Gas prices stabilize, for now, as oil prices decline

The national average price for a gallon of gasoline is $4.05, down 8 cents from last Monday. One year ago, the price was $3.16. The New York State average is $4.11, down 2 cents from last Monday. A year ago, the NYS average was $3.09. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $4.16 (up 3 cents from last Monday)
  • Buffalo - $4.15 (down 1 cent from last Monday)
  • Elmira - $4.03 (down 5 cents from last Monday)
  • Ithaca - $4.12 (down 2 cents from last Monday)
  • Rochester – $4.17 (down 1 cent from last Monday)
  • Rome - $4.09 (down 5 cents from last Monday)
  • Syracuse - $4.13 (down 1 cent from last Monday)
  • Watertown - $4.14 (down 5 cents from last Monday)

Gas prices began to drop last week following a sharp decline in oil prices after the announcement of a two-week ceasefire between the U.S. and Iran. Since then, the price for a barrel of crude oil has continued to trade below $100. However, maritime traffic transiting the Strait of Hormuz remains subdued as regional tensions persist and negotiations continue. This morning, oil prices range from $88 to $94 per barrel.

According to the latest data from the Energy Information Administration (EIA), gasoline demand is up while total domestic gasoline supply is down. Meanwhile, gasoline production is on the rise.

Pump prices are often quick to rise and slower to decline as retailers delay lowering prices to cover costs for their current fuel supply, which was purchased at a higher rate.

Diesel prices remain high with the national average at $5.53, up from $3.57 a year ago. The New York average for diesel fuel is $5.92, up from $3.91 a year ago.

When it comes to EV charging, the national and state averages for L2 commercial electricity remain steady. Today’s national average per kilowatt hour of electricity at a public EV charging station is down one penny to 41 cents. New York’s rate is 40 cents, no change from last week. The state is home to 20,607 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 enjoy savings 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.