Lower Oil Prices Lead to Slower Rise in Gas Prices

Lower Oil Prices Lead to Slower Rise in Gas Prices

Typical Pre-Memorial Day trends show low gas demand in early May
Valerie Puma
Typical Pre-Memorial Day trends show low gas demand in early May

Today’s national average price for a gallon of gasoline is $3.65, down one cent from last Monday. One year ago, the price was $3.55. The New York State average is $3.73, up two cents from one week ago. A year ago, the NYS average was also $3.70. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $3.63 (up 8 cents from last Monday)
  • Buffalo - $3.65 (up 5 cents from last Monday)
  • Elmira - $3.64 (up 3 cents from last Monday)
  • Ithaca - $3.71 (up 3 cents from last Monday)
  • Rochester - $3.69 (up 5 cents from last Monday)
  • Rome - $3.75 (up 1 cent from last Monday)
  • Syracuse - $3.70 (up 3 cents from last Monday)
  • Watertown - $3.78 (up 1 cent from last Monday)

According to new data from the Energy Information Administration (EIA), gas demand rose a tiny bit last week, meanwhile total domestic gasoline stocks also increased slightly. Tepid demand, increasing supply, and falling oil prices could lower pump prices. Domestic gasoline demand will pick back up as we get closer to Memorial Day weekend and the traditional start of summer driving season, which will likely come with an increase in prices at the pump.
This morning, oil prices range from $78 to $84. Diesel prices remain relatively steady. The national average price for diesel is $3.97, down three cents from last Monday. The New York average is $4.40, no change from a week ago.

To conserve fuel, motorists should map routes, avoid peak traffic times like rush hour, and combine errands into one trip while using cruise control when possible. Drivers should also make sure tire pressure is at the vehicle’s recommended level for the best gas mileage while removing any unnecessary and bulky items from the car since it takes more fuel to accelerate a heavy vehicle. Get more tips here: https://gasprices.aaa.com/news/fuel-saving-tips/. Motorists can benefit from comparing pump prices before filling up with the AAA Mobile App for iPhone, iPad, and Android. 

AAA members receive discounts at gas stations such as Fastrac, Maple Leaf Market and Shell. Learn more here. AAA members can save on gas by joining the Fuel Rewards at Shell program. Join now at AAA.com/Shell. Motorists can also locate gas prices across the country and stay up-to-date on news and fuel-saving tips at http://gasprices.AAA.com.