The national average for a gallon of gasoline has decreased by four cents over the past week, even amidst rising gas demand. This comes as oil prices take a downturn, remaining below the $80 per barrel mark. “While we’ve observed a decrease in the national average recently, factors like the upcoming Labor Day and an active hurricane season may influence gas prices,” commented Andrew Gross, AAA spokesperson. He further added that the potential storms on the horizon might slow down or halt the downward price trend this fall.
Data from the Energy Information Administration (EIA) indicates that the gas demand rose from 8.85 to 8.91 million b/d within a week. Meanwhile, the total domestic gasoline stock levels saw a marginal increase, going from 216.2 to 217.6 million barrels. This has contributed to the reduction in prices, even with the elevated demand. As of now, the national average sits at $3.83, an increment of 24 cents from the previous month, but a five-cent reduction compared to the same time last year.
Regionally, the Finger Lakes reported an average gas price of $3.90 per gallon, a one-cent decline from the previous week. In a broader context, Monday’s national average was at $3.82, experiencing a 5-cent drop from the last week. Similarly, the New York State average decreased by two cents, now pegged at $3.90.
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