National Gas Prices Drop
by Contributor | March 2, 2020 7:48 am
Today’s national average price for a gallon of gasoline is $2.44, down three cents since last week.
One year ago, the price was $2.43.
The New York State average is $2.59 – down two cents from last week.
A year ago, the NYS average was $2.53.
AAA Western and Central New York reports the following averages:
• Batavia – $2.59 (no change since last week)
• Buffalo – $2.53 (down one cent since last week)
• Ithaca – $2.62 (no change since last week)
• Rochester – $2.56 (up one cent since last week)
• Rome – $2.61 (down one cent since last week)
• Syracuse – $2.51 (up three cents since last week)
• Watertown – $2.58 (down three cents since last week)
Data from the Energy Information Administration shows that total domestic gasoline supplies remain high – and the level is much higher than one year ago.
That has helped to push pump prices lower across the country as crude oil remains cheap.
Oil prices plummeted at the end of February as Coronavirus shut down factories in China, which is the largest importer of oil.
The drop in demand pushed oil prices down though some varieties (WTI & Brent Crude) have begun to inch up this morning.
The global drop in demand is likely to continue through the end of the winter driving season.
However, refinery maintenance, which is just beginning now, could impact prices in the month of March.
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