Gas prices across New York State continued to ease this week, according to the latest report from AAA Western and Central New York, providing some relief for motorists heading into the busy summer travel season.
The statewide average price for a gallon of regular gasoline fell eight cents over the past week to $4.45 per gallon. Despite the decline, New York drivers are still paying significantly more than they were a year ago, when the statewide average stood at $3.11 per gallon.
While prices are dropping across the state, New York’s average remains above the national average of $4.16 per gallon, which fell 16 cents over the same period. AAA says fuel prices are declining more rapidly in parts of the Midwest and South, while prices throughout the Northeast and West Coast remain comparatively high.
Among regional markets tracked by AAA, Ithaca posted the highest average gas price in the area at $4.56 per gallon, down two cents from last week. Rochester and Syracuse each averaged $4.50 per gallon, while Buffalo came in at $4.51. Elmira saw one of the largest weekly declines, dropping 11 cents to $4.34 per gallon.
AAA attributes the recent decline in pump prices largely to crude oil remaining below $100 per barrel. However, oil prices have increased slightly over the past week, trading between $94 and $97 per barrel Monday morning, compared to $90 to $94 per barrel a week ago.
The organization notes that gasoline demand has decreased while domestic fuel supplies have continued to grow, according to the latest data from the U.S. Energy Information Administration. Gasoline production also dipped slightly during the reporting period.
Despite the recent relief at the pump, AAA cautions that uncertainty surrounding shipping traffic through the Strait of Hormuz could affect global oil markets in the coming weeks. Combined with increasing summertime travel demand, that could limit how much further gasoline prices fall.
Diesel prices also moved lower. The New York average for diesel fuel dropped five cents to $5.81 per gallon, though that remains well above the $3.86 average recorded at this time last year.
