Demand for Gasoline Hits Highest Level Since August

Demand for Gasoline Hits Highest Level Since August

Gas Prices Decrease
Spring expected to bring higher gas prices
Elizabeth Carey

Today’s national average price for a gallon of gasoline is $2.55, which is up two cents compared to one week ago. One year ago, the price was $2.29. The New York State average is $2.69, which is the same as last week. A year ago, the NYS average was $2.43.


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

 

  • Batavia - $2.64 (down 2 cents in past week)
  • Buffalo - $2.66 (down 1 cent in past week)
  • Ithaca - $2.65 (down 1 cent in past week)
  • Rochester - $2.64 (no change in past week)
  • Rome - $2.70 (down 1 cent in past week)
  • Syracuse - $2.62 (up 1 cent in past week)
  • Watertown - $2.70 (down 1 cent in past week)

Gas prices remain mostly flat this week, signaling that supply and demand for gasoline are synced. Demand registered at 9.6 million b/d (barrels per day) last week – which is extraordinarily high for the middle of March. For context, the rate is the highest seen this year and the highest weekly estimate since the end of August last year. High demand led to gasoline stocks falling sharply by 6.3 million bbl (barrels) and total gasoline output to inch up to 10.1 million b/d last week. With spring around the corner, the market will be looking to see if demand jumps up further, supporting an increase in pump prices for drivers. The International Energy Agency’s (IEA) latest 2018 global crude demand forecast shows that demand is expected to increase by 1.5 million b/d (barrels per day) this year, landing at a total of 99.3 million barrels per day. Last year’s total demand sat at 97.8 million b/d.


Motorists can always find current gas prices along their route with the free AAA Mobile app for iPhone, iPad, and Android. The app can also be used to map a route, find discounts, book a hotel, and access AAA roadside assistance. Locate gas prices across the country at http://gasprices.aaa.com.


AAA WCNY wants to remind members that they can receive discounts at NOCO gas stations, as well as Fastrac locations. Learn more here. You can find the lowest prices in your area at http://aaa.opisnet.com/index.aspx.
 

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