Today’s national average price for a gallon of gasoline is $2.86, which is up just a penny from last week. One year ago, the price was $2.23. The New York State average is $3.01, which is down one cent from last week. A year ago, the NYS average was $2.43. AAA Western and Central New York (AAA WCNY) reports the following averages:
Batavia – $2.97 (down 1 cent since last week)
Buffalo – $3.00 (no change since last week)
Ithaca – $2.89 (down 2 cents since last week)
Rochester – $2.96 (no change since last week)
Rome – $2.99 (no change since last week)
Syracuse – $2.91 (no change since last week)
Watertown – $3.05 (down 2 cents since last week)
Gas prices around the country have mostly stabilized or declined slightly late last week, showing that supply and demand are largely in sync. On the week, demand grew by roughly 400,000 b/d to 9.73 million b/d, according to the Energy Information Administration’s (EIA) petroleum report for the week ending on June 22. On the supply side, production grew marginally to 10.14 million b/d.
High production has enabled gasoline exports to grow significantly, which hit 613,000 b/d last week and is nearly 220,000 b/d more than the rate in 2016. If these trends continue, drivers can expect prices to continue to stabilize as the summer driving season zooms ahead.
This record-breaking Independence Day travel period continues through Sunday. AAA expects 46.9 million Americans to travel 50 miles or more, with the majority (39.7 million) taking road trips.