Area gas prices hold amidst small drop in NY | News

Area gas prices hold amidst small drop in NY | News
Area gas prices hold amidst small drop in NY | News

As Memorial Day weekend and the traditional summer travel season approach, average gasoline prices in New York fell 1.2 cents per gallon in the last week, averaging $3.69 per gallon Monday.

In Olean, the price for 87 octane remained at a fraction below $3.70/g, while in Bradford, Pa., the price remained at a fraction below $3.80/g. At outlets on the Seneca Nation of Indians, prices ranged from $2.44/g to $2.49/g.

According to GasBuddy’s survey of 6,118 stations in New York, prices are 20.5 cents per gallon higher than a month ago and stand 6.5 cents per gallon higher than a year ago. The national average price of diesel has fallen 4.6 cents in the last week and stands at $3.90 per gallon.

According to GasBuddy price reports, the lowest price in the state to begin the week was $3.03/g while the highest was $4.79/g, a difference of $1.76/g.

The national average price of gasoline has fallen 3.2 cents per gallon in the last week, averaging $3.58/g Monday. The national average is down 3.7 cents per gallon from a month ago and stands 6.1 cents per gallon higher than a year ago, according to GasBuddy data.

Other areas in New York state and their current gas prices include Buffalo at $3.66, up 1 cent from a week ago; Syracuse at $3.66/g, down 2 cents; and Rochester at $3.68/g, down 1 cent.

“While pump prices haven’t exactly plummeted, we’ve seen the average price of gasoline drop in a majority of states over the last week as refineries finish maintenance and ramp up output of products like gasoline,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “With gas prices now approaching a 10-cent drop to the high we saw a few weeks ago, the future looks good as we get closer to Memorial Day.”

De Haan said price drops could potentially accelerate after last week’s jobs data showed the economy continues to cool off.

“While gas prices stand slightly above where they were last year, I expect most Americans will see prices fall before the holiday weekend, and I’m optimistic the trend could extend into June and beyond,” he added.

However, AAA indicates a wildcard could still be the cost of oil, and unlike last year, there are now two ongoing wars — in the Middle East and Ukraine — that could create volatility in the market.

MEANWHILE, AAA projects 43.8 million travelers will head 50 miles or more from home over the Memorial Day holiday travel period. This year’s total number of travelers is a 4% increase over last year and comes close to matching 2005’s record of 44 million Memorial Day travelers.

“We haven’t seen Memorial Day weekend travel numbers like these in almost 20 years,” said Paula Twidale, senior vice president of AAA Travel. “We’re projecting an additional one million travelers this holiday weekend compared to 2019, which not only means we’re exceeding pre-pandemic levels but also signals a very busy summer travel season ahead.”

Road trips are expected to set a record as AAA projects 38.4 million people will travel by car over Memorial Day weekend, the highest number for that holiday since AAA began tracking in 2000. The number of drivers this year is up 4% compared to last year and 1.9% higher than in 2019.

AAA indicated that traveling by car is appealing to many people because of the convenience and flexibility it provides.

Airports are also bracing for a spike in travelers — AAA expects 3.51 million air travelers this holiday weekend, an increase of 4.8% over last year and 9% jump compared to 2019.

AAA indicates this will be the most crowded Memorial Day weekend at airports since 2005, when 3.64 million flew for the holiday as the travel industry finally rebounded post 9/11.

Nearly two million people are also expected to travel by other modes of transportation, including buses, cruises and trains. AAA projects 1.9 million people will take these other modes of transportation, an increase of 5.6% compared to last year.

 
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