AAA: Gas prices dip as demand stalls
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.
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