A motorist pumps gas at a Mobil gas station following the Russian invasion of Ukraine, in West Hollywood, Calif., Friday, Feb. 25, 2022. (KeynoteUSA Photo/Damian Dovarganes)
UTICA, NY (WIVT/WBGH) – New Yorkers continue to see a downward trend in gasoline prices. However, the end could be near.
Since April, cheaper crude oil, weak gasoline demand and rising inventories of both have contributed to the downward price trend. According to the Energy Information Administration, a change could be upon us.
Last week, demand was brisk, totaling nearly 9.4 million barrels per day, one of the highest levels in recent history. Meanwhile, regional gasoline supplies fell by a considerable 2.7 million barrels. As crude oil price gains continue to rise, prices at the pump are under pressure.
According to AAA Northeast, the average price of gas in New York is down one cent from last week ($3.59), averaging $3.58 per gallon. Today’s price is 10 cents lower than a month ago ($3.68) and 11 cents lower than June 24, 2023 ($3.69).
The average price of gasoline in New York is 14 cents lower than the national average.
“After benefiting from falling gas prices for weeks, drivers could see prices begin to stabilize as the summer driving season heats up, especially with record trips expected over the Thanksgiving Day holiday. Independence,” said Patti Artessa, Director of Public Affairs for AAA Northeast. “The combination of rising demand, shrinking supply and higher oil costs could end the recent streak of price declines if markets continue to tighten.”
AAA Northeast’s June 24 survey says the current national average is unchanged from last week, averaging $3.44 per gallon. Today’s national average price is 16 cents lower than a month ago ($3.60) and 13 cents lower than this day last year ($3.57).
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