The average price for a gallon of gasoline in New York is dropping. On Monday, AAA of Western and Central New York reported the statewide average was $3.81, down four pennies from one week ago. One year ago, the statewide average was $3.68. The national average is down a dime from last week to $3.60 a gallon.
There is mixed data when it comes to diesel prices. The national average price for diesel is $4.46 down six cents from last Monday, and down from $5.27 a year ago. The New York average for diesel is $4.71, down two cents from a week ago, but lower than $5.49 one year ago.
Domestic pump prices have maintained their daily decline this week despite the uncertainty rippling through the oil market in the days since Hamas terrorists attacked Israel. Oil prices have risen a few dollars per barrel this week, but that is far from the roughly $40 per barrel temporary spike following last year’s Russian invasion of Ukraine. The critical difference is that Russia is a significant oil producer, while Israel and the Palestinian territories are not. National pump prices dropped significantly amid lower demand and a decrease in oil prices. Monday morning, oil was $87 to $90 per barrel.
According to the latest data from the Energy Information Administration (EIA), gas demand increased slightly while domestic gasoline stocks fell substantially. Tepid demand, alongside descending oil prices, has pushed pump prices lower. If oil prices continue to decline, drivers can expect further price drops at the pump in the weeks ahead.
