Gas Prices Stabilize

A look at the latest gas prices in the region (provided by AAA):

Gas Prices Stabilize

Slowing demand amid stable stock levels keep prices steady

Today’s national average price for a gallon of gasoline is $2.65, no change since last week.

One year ago, the price was $2.91.

The New York State average is $2.72 – down two cents from last week.

A year ago, the NYS average was $3.01.

AAA Western and Central New York reports the following averages:

• Batavia – $2.69 (down two cents since last week)

• Buffalo – $2.68 (down two cents since last week)

• Ithaca – $2.67 (down one cent since last week)

• Rochester – $2.71 (down two cents since last week)

• Rome – $2.71 (down two cents since last week)

• Syracuse – $2.61 (down two cents since last week)

• Watertown – $2.68 (down two cents since last week)

In its latest weekly report, the Energy Information Administration’s data revealed that gas demand is starting to decline – as is typically the case during the fall.

Demand for gasoline is slowing and matches the rate seen at this time one year ago.

Alongside the drop in demand, gasoline stocks are relatively stable.

The drop in demand, amid stable stock levels, has helped the majority of motorists across the country see pump prices stabilize or decline after spiking a few weeks ago when Saudi Arabia reported that two of its oil facilities were attacked.

If demand continues to drop, while stocks decline or hold steady, pump prices will likely continue to stabilize.