Gas prices across New York State declined slightly over the past week, offering some relief to motorists as the busy summer travel season gets underway.
According to AAA Western and Central New York, the statewide average price for a gallon of regular gasoline is now $4.53, down six cents from last Monday. While prices have moved lower recently, New Yorkers are still paying significantly more at the pump than they were a year ago, when the statewide average stood at $3.12 per gallon.
Regional prices across upstate New York also saw modest declines. Rochester and Buffalo both reported average prices of $4.54 per gallon, down five cents from a week ago. Syracuse drivers are paying an average of $4.55, down three cents, while Ithaca’s average price dipped one cent to $4.58 per gallon. Elmira posted one of the larger weekly decreases, falling eight cents to $4.45 per gallon.
Despite the recent decline, fuel prices remain well above last year’s levels as summer travel demand increases. AAA estimates that 39.1 million Americans drove 50 miles or more over the Memorial Day holiday period, even with elevated gasoline prices.
Market analysts say crude oil prices have softened slightly over the past week, helping to push pump prices lower. Oil is currently trading between $90 and $94 per barrel, compared to roughly $92 to $98 per barrel a week ago.
According to the latest data from the U.S. Energy Information Administration, gasoline demand has declined while domestic gasoline supplies have increased. Production levels also continue to rise, creating a more favorable supply-and-demand balance that may be contributing to lower prices.
However, AAA cautions that geopolitical developments could quickly reverse the recent trend. Uncertainty surrounding international tensions, including ongoing negotiations involving Iran, could lead to higher crude oil prices and increased costs at the pump if markets become unsettled.
Diesel prices also moved lower this week. The statewide average for diesel fuel in New York fell five cents to $5.86 per gallon. While down from last week, diesel remains substantially higher than a year ago, when the statewide average was $3.87 per gallon.
Nationally, the average price for regular gasoline stands at $4.32 per gallon, down 19 cents from last week but up more than a dollar from the $3.14 average recorded at this time last year.
