Holiday doesn't move gas prices much
The surge in demand for gas during the week ending May 23 reached 9.45 million barrels a day, an increase of more than 800,000 barrels a day, or 9%, over the prior week, according to the Energy Information Administration.
That's the highest demand reading for the week leading into Memorial Day since 2018 and contributed to a sizable drop in gasoline inventories across the nation, including a decline of nearly 3 million barrels in the Northeast. Supplies of gasoline now sit at a 2025 low and are down 5.8 million barrels from the comparable week of last year, the release stated.
Normally, strong demand and tightening inventories would spur price increases at the pump, but oil prices remain suppressed on market expectations for more crude production around the world, especially from OPEC+ member nations. The group last week agreed to increase production in July by about 400,000 barrels a day — the third straight month of production increases. Uncertainty about global demand and trade also are quelling market activity that could push prices higher.
The average gas price in New York is down a penny from last week ($3.12), averaging $3.11 per gallon. Monday's price was a penny higher than a month ago ($3.10) and 54 cents lower than a year ago ($3.65). New York's average gas price is 3 cents lower than the national average.
'Based on gasoline demand, the lead up to the Memorial Day holiday kicked off the summer driving season with gusto,' said Patti Artessa, director of public affairs outreach for AAA Northeast. 'But one strong week isn't enough to significantly move retail gasoline prices, especially with domestic production continuing near record levels.'
AAA Northeast's June 2 survey of fuel prices found the current national average down 3 cents from last week ($3.17), averaging $3.14 per gallon. Monday's national average price is 4 cents lower than a month ago ($3.18) and 39 cents lower than the same day last year ($3.53).
Mississippi and Texas have the lowest prices in the nation this week, at $2.64 and $2.70, respectively. California and Hawaii hold the highest prices in the nation this week at $4.77 and $4.47, respectively. New York holds the 15th place on the list of highest gas prices in the nation.
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