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Gas prices down a bit

STAFF REPORTS


Gas prices in Western New York are down slightly from a week ago, according to AAA Western and Central New York.

Today’s national average price for a gallon of gasoline is $2.74, down three cents from last week. One year ago, the price was $2.86. The New York State average is $2.87 – down two cents from last week. A year ago, the NYS average was $3.01.

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

  • Batavia - $2.83 (down a penny since last week)
  • Buffalo - $2.83 (down two cents since last week)
  • Rochester - $2.82 (down a penny since last week)

Despite summer travel, lower than usual demand has helped to push pump prices down. According to the Energy Information Administration’s (EIA) latest report for the weekend ending on July 19, domestic demand hit 9.67 million barrels per day. Although it grew from the previous week’s 9.2 million level, demand is slightly lower than last year’s usage rate.

With OPEC continuing to reduce crude production, tighter domestic crude supplies could cause prices to continue to increase if demand tightens. Unresolved tension in the Middle East could also push prices up. After Iran captured the U.K.-flagged oil tanker in the Strait of Hormuz, the British Royal Navy announced that it will escort U.K.-flagged vessels in the region to protect against future attacks. If tension continues to mount, crude prices will likely continue their ascent.

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