National Gas Prices Show 4-Cent Dip Despite Surging Demand
From staff reporting,
The average cost of a gallon of gasoline across the nation has exhibited a decline of four cents over the past week, even as gas demand continues to surge. This trend coincides with a reduction in oil prices, maintaining a position below the $80 per barrel threshold. Andrew Gross, the spokesperson for AAA, stated, “Though a recent decrease in the national average is evident, external factors such as the upcoming Labor Day and an active hurricane season could potentially influence gas prices.” Gross further highlighted that potential storms on the horizon might temper or even halt the ongoing downward price trajectory in the coming fall months.
The Energy Information Administration’s (EIA) data reveals a week-over-week uptick in gas demand, climbing from 8.85 million b/d to 8.91 million b/d. Concurrently, the aggregate stock levels of domestic gasoline experienced a marginal uptrend, rising from 216.2 million barrels to 217.6 million barrels. This nuanced supply-demand relationship has contributed to the reduction in prices, even amidst heightened demand. At present, the national average for gasoline stands at $3.83, marking a 24-cent escalation compared to the preceding month but reflecting a five-cent decrease from the same period last year.
On a regional basis, the Finger Lakes region reported an average gas price of $3.90 per gallon, marking a subtle one-cent decrease from the preceding week. On a broader scale, the national average on Monday stood at $3.82, indicating a five-cent decline from the previous week. Similarly, the average gas price across New York State underwent a two-cent reduction, now settling at $3.90.
