What It Costs to Fill The Tank

What It Costs to Fill The Tank

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

Pump Prices Continue to Drop

National gas average is 16 cents less than last year

Today’s national average price for a gallon of gasoline is $2.71, down three cents from last week.

One year ago, the price was $2.87.

The New York State average is $2.86 – down one cent from last week.

A year ago, the NYS average was $3.01.

AAA Western and Central New York reports the following averages:

• Batavia – $2.82 (down a penny since last week)

• Buffalo – $2.81 (down two cents since last week)

• Ithaca – $2.79 (down two cents since last week)

• Rochester – $2.81 (down a penny since last week)

• Rome – $2.84 (no change since last week)

• Syracuse – $2.76 (down two cents since last week)

• Watertown – $2.79 (down a penny since last week)

The national average price for regular unleaded gasoline is $2.71 per gallon, which is three cents less than last week, five cents less than a month ago, and 16 cents less than a year ago.

The latest data from the Energy Information Administration reveals that demand continues to drop.

Total domestic stocks of gasoline are also down.

Refinery utilization is down slightly.

Overall crude prices declined last week after President Trump announced new tariffs on imports from China, furthering a trade war between the world’s two largest economies and oil consumers.

Market observers are concerned that increasing tariff costs will likely reduce global demand for crude oil.

If the trade tension between the countries leads to more tariffs, crude prices will likely decline further.