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Gas prices drop across region

STAFF REPORTS


Gasoline prices throughout Western New York are down a penny or two according to AAA, mirroring national gas prices, which dropped to $2.81, down two cents from last week. $2.95. The New York State average is $2.93 – down two cents from last week.

Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $2.84 (down two cents since last week)
  • Buffalo - $2.88 (down one cent since last week)
  • Rochester - $2.87 (down one cent since last week)

Leading up to a busy Memorial Day weekend, refineries across the country boosted their crude utilization rate to 91.2% — asignificant increase to a spring season which has seen utilization in the 86-88% range, mostly due to unexpected and planned maintenance. The higher rate helped boost gasoline stocks last week, according to the Energy Information Administration’s (EIA) weekly petroleum status report. Increased gasoline production and higher stock levels can help to
suppress pump prices amid robust gas demand.

With summer road trips poised to drive higher gas demand rates, increased gasoline stocks will play an important role in helping to keep pump prices in most states under the $3/gallon mark during the busy driving season.

Gas prices have declined, on average, by at least a nickel, for the majority of the country since the beginning of May -- and that’s a trend motorists can expect to continue into early June. Stable crude oil prices are also helping to push prices down at the pump. A bump in demand could push prices higher, but hopefully only by a few cents. To keep gas prices decreasing and/or stable, stocks will need to continue to build.

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