National Average Price For Gas $2.85

posted by Dave Allen - 

Today’s  national average price for a gallon of gasoline is $2.85, which is down  five cents from last week. One year ago, the price was $2.27. The New  York State average is $3.02, which is down three  cents from last week. A year ago, the NYS average was $2.44. AAA  Western and Central New York (AAA WCNY) reports the following averages:

·     Batavia - $2.98 (down 1 cent since last week)

·     Buffalo - $3.00 (down 1 cent since last week)

·     Ithaca - $2.91 (down 4 cents since last week)

·     Rochester - $2.96 (down 3 cents since last week)

·     Rome - $2.99 (down 4 cents since last week)

·     Syracuse - $2.91 (down 4 cents since last week)

·     Watertown - $3.07 (down 1 cent since last week)

OPEC’s  announcement Friday to increase oil production (potentially 600,000 – 1  million b/d) is expected to decrease crude oil prices and in turn lower  pump prices. The increase in production will help to  offset the shrinking global supply caused by high global demand seen in  2018.

Until we have a  clear picture of the extent of production increases, it is unknown how  dramatically this news will impact pump prices. However, U.S. pump  prices will likely not see any immediate impact from  the OPEC news. 

Beyond the OPEC  news, U.S. gas prices have been declining for the past month. This is in  advance of a record-breaking Independence Day travel period. AAA  expects 46.9 million Americans to travel 50 miles  or more, with the majority (39.7 million) taking road trips.

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