Mon. April 11, 2022 1:30 p.m.

Scheduled release of oil reserves helps lower prices

By AAA of Western and Central New York

Today’s national average price for a gallon of gasoline is $4.11, down 8 cents from last week. A year ago, the price was $2.86. The New York State average is 4.22, down 7 cents from last week. A year ago, the NYS average was $2.89.

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

√ Batavia – $4.28 (down 4 cents from last week)

√ Buffalo – $4.28 (down 5 cents from last week)

√ Elmira – $4.17 (down 4 cents from last week)

√ Ithaca – $4.21 (down 4 cents from last week)

√ Rochester – $4.30 (down 5 cents from last week)

√ Rome – $4.24 (down 2 cents from last week)

√ Syracuse – $4.25 (down 3 cents from last week)

√ Watertown – $4.28 (down 4 cents from last week)

Over the past week, the national average for a gallon of regular gasoline has dropped 8 cents. According to data from the Energy Information Administration, total national gasoline inventories declined while gasoline demand fell from 8.5 million barrels per day to 8.56 million. Although supply and demand factors would have generally supported high pump prices, the fluctuation in the price of oil continues to be the main factor influencing pump prices. Prices at the pump will likely come under downward pressure if oil prices remain below $100 a barrel.

This morning, oil prices are hovering just around the $100/barrel mark. They fell after domestic crude inventories rose 2.5 million barrels last week. Additionally, crude prices came under downward pressure this week after the 31 member nations of the International Energy Agency, including Mexico, Japan, Germany and Canada, announced plans to to release 120 million barrels of crude oil from their emergency oil stocks. The amount includes 60 million barrels of oil previously announced from the United States. It would be the second coordinated release in just over a month in response to soaring oil prices following Russia’s invasion of Ukraine. The announcement helped ease some supply concerns, pushing crude prices lower.

To save fuel, motorists should map routes, avoid peak and rush hour traffic, and combine errands into a single trip while using cruise control where possible. Drivers should also ensure that tire pressure is at the level recommended by the vehicle for the best gas mileage while removing all unnecessary and bulky items from the car, as it takes more fuel to accelerate a heavy vehicle . Get more tips here: https://gasprices.aaa.com/news/fuel-saving-tips/.

Motorists can compare prices at the pump before filling up with the AAA mobile app for iPhone, iPad and Android – a convenient option for finding the lowest gas prices in a given area.

AAA members receive discounts at gas stations such as Fastrac, Maple Leaf Market and Shell across the country. Learn more here. AAA members can save on gas by joining the Fuel Rewards program at Shell. Sign up at AAA.com/Shell. Motorists can also locate gas prices across the country and keep up to date with the latest news and fuel saving tips at http://gasprices.aaa.com.

As the largest member services organization in Upstate New York, AAA Western and Central New York provides more than 887,000 members with travel, insurance, financial, and automotive-related services. Since its founding in 1900, AAA has been a leading advocate for the safety and security of all travelers. Visit AAA at www.AAA.com.