AAA: Gas prices dip as demand stalls
Gasoline prices across the Northeast are falling as demand for gasoline weakens and oil prices flirt with four-year lows, according to AAA Northeast.
The Energy Information Administration last week reported that Americans consumed 8.42 million barrels a day of gasoline, a decline of 70,000 barrels a day from the prior week and 187,000 barrels a day below last year's figure. Two years ago, demand was 500,000 barrels a day higher. During the past four weeks, demand is averaging 250,000 barrels a day below last year's levels, according to an AAA news release.
After a volatile week in the markets, oil prices are now hovering in the low $60-a-barrel range, which is the lowest they've been since April 2021, the release stated. Crude prices are now $10 cheaper than they were at the start of the spring. Last week, the EIA cut its forecast for global oil demand and domestic gasoline prices, citing both tariffs and plans by OPEC+ member nations to raise oil output in May.
Ample supply is also supporting downward pressure on gas prices. In the Northeast, supplies are still 6.8 million barrels above last year's levels and now stand at 59.9 million barrels, the release stated.
The average gas price in New York is down three cents from last week ($3.13), averaging $3.10 per gallon. Monday's price was two cents lower than a month ago ($3.12) and 40 cents lower than a year ago ($3.50). New York's average gas price was eight cents lower than the national average.
'It's unusual for pump prices and demand to be falling this time of year,' said Patti Artessa, director of public affairs outreach for AAA Northeast. 'Typically, both gas prices and demand rise through spring ahead of the summer driving season, but uncertainty is in the driver's seat this year.'
AAA Northeast's April 14 survey of fuel prices found the current national average down seven cents from last week ($3.25), averaging $3.18 gallon. Monday's national average price was 10 cents higher than a month ago ($3.08) and 45 cents lower than the same day last year ($3.63).
Mississippi and Oklahoma have the lowest prices in the nation, at $2.71 and $2.72, respectively. California and Hawaii hold the highest prices in the nation this week at $4.89 and $4.51, respectively. New York holds the 18th place on the list of highest gas prices in the nation.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
32 minutes ago
- Bloomberg
Americans Are "Underemployed": Solo Funds Co-Founder
Solo Funds Co-Founder Rodney Williams says while he is pleased with the unemployment rate currently stands and Americans are working, he believes they are also 'underemployed' and the need for capital is at an 'all time high.' He speaks with Scarlet Fu on "Bloomberg Markets." (Source: Bloomberg)
Yahoo
an hour ago
- Yahoo
Commerce's Lutnick receives a timely reminder: ‘We cannot build bananas in America'
Ahead of Donald Trump's second inaugural, there were plenty of rumors that billionaire Howard Lutnick was well positioned to lead the Treasury Department — one of the most sought-after positions in any White House Cabinet. The Associated Press reported that some prominent supporters had lobbied on his behalf. Those efforts ultimately fell short, and Trump tapped Lutnick to serve as commerce secretary. As for why, exactly, he didn't get a more prominent position, The Bulwark reported two weeks after Election Day that Lutnick kept 'shooting himself in the foot' with foolish rhetoric. The report quoted a Trump adviser who said Lutnick needed to learn how to 'shut the f--- up.' And yet, he keeps finding microphones and making things worse for himself. This week, for example, Lutnick appeared on Capitol Hill, where he seemed eager to defend the president's policies on trade tariffs. As part of one especially memorable exchange, Democratic Rep. Madeleine Dean of Pennsylvania asked the Cabinet secretary, 'What's the tariff on bananas?' He responded, 'The tariff on bananas would be representative of the countries that produce them,' before ultimately acknowledging that the rate would be 10%. The congresswoman reminded the witness that Walmart has already increased the cost of bananas by 8%. After pointing to the possibility of increasingly unlikely trade deals, Lutnick eventually declared: 'If you build in America, and you produce your product in America, there will be no tariff.' It was at that point that Dean lowered the boom. 'We cannot build bananas in America,' she explained. Lutnick didn't respond, which was just as well given the circumstances. Complicating matters for the commerce secretary, embarrassing moments like these have become a staple of his tenure. Lutnick announced that the president was preparing to waive taxes on Americans earning under $150,000 per year, only to walk that back soon after. He urged a national television audience to buy stock in Tesla, sparking an ethics controversy the White House struggled to defend. In one especially glaring incident, Lutnick suggested that only criminals would complain about missing a Social Security check. A month later, the secretary pitched a 'new model' of American employment that sounded an awful lot like the factory jobs that existed in the 19th century. And don't even get me started on his 'little screws to make iPhones' comments. The Wall Street Journal recently reported that Lutnick's rhetorical record was proving to be so 'challenging' to the White House that officials asked him to start saying less. He might need a reminder. This article was originally published on
Yahoo
an hour ago
- Yahoo
Trump hails deal between senators on government-owned spectrum
President Trump on Friday hailed Senate Republican committee chairs for reaching a deal with Sens. Mike Rounds (R-S.D.) and Deb Fischer (R-Neb.) on auctioning of government-owned spectrum. Rounds and Fischer had held up Trump's 'big, beautiful bill' because they feared the federal sale of spectrum to the private sector would deprive the Defense Department of critical bandwidth used for radar. Trump on Friday applauded GOP senators for working out their differences. 'Congratulations to Chairman of the Senate Committee on Commerce, Science, and Transportation, Ted Cruz, Chairman of the Senate Armed Service Committee, Roger Wicker, and Chairman of the Senate Republican Conference, Tom Cotton, for their amazing deal on Spectrum as posted last night,' Trump posted on Truth Social. 'This is serious power for American Leadership on 6G,' he said, referring to the next phase of broadband infrastructure. 'We will have the World's Greatest Networks, and ensure the Highest Level of National Security for future Generations of Americans.' A source familiar with the deal said Rounds and Fischer got what they wanted, namely language in the bill to protect the Pentagon's use of prime spectrum frequencies for the entire length of the government auction period. The deal preserves the Defense Department's use of the 'lower three' 3.1 to 3.45 GHz band and 7.4 to 8.4 GHz, which would be exempted from general auction authority and the spectrum pipeline. The wireless industry got the restoration of auction authority. Rounds said Friday he appreciates the new national security protections and would continue to work on legislative language to align the broader bill with the 'intent of the agreement,' signaling some details may still need to be worked out. 'I appreciate the national security protections, and we are working on modifications that will align it with the spirit and intent of the agreement. Negotiations are ongoing and we look forward to reaching a conclusion that will both supercharge 5G as well as protect our national security, including the capabilities necessary to build President Trump's Golden Dome,' Rounds said in a statement. Sen. Maria Cantwell (D-Wash.), the ranking member on the Commerce Committee, slammed her Republican colleagues for 'rushing to sell off spectrum' and 'failing to fund' what she called 'essential safety upgrades.' Cantwell warned the Republican language in the budget reconciliation package would run ahead of work between the Federal Aviation Administration and wireless providers such as Verizon and AT&T to ensure that spectrum sales do not crowd out air-safety applications. 'At a moment when maintaining safe skies has never been more challenging, this proposal recklessly endangers national security and aviation safety by mandating spectrum auctions in the C-Band before new altimeter standards are even finalized, while providing zero resources to an already capacity-constrained FAA or to update vulnerable altimeters on DOD and government aircraft,' Cantwell said in a statement. 'By rushing to sell off spectrum and failing to fund these essential safety upgrades, we're setting ourselves up for a catastrophic repeat of the 5G C-band debacle—except this time we risk grounding the armed forces as well,' she said. Trump on Friday slammed Biden for failing to reach a deal on spectrum auctions during his term. 'Biden did nothing on Spectrum in four years but, thanks to 'THE GREAT BIG BEAUTIFUL BILL,' my Administration will beat all expectations, and show World the path forward!' he posted. Updated at 2:17 p.m. EDT Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
