Latest news with #PattiArtessa
Yahoo
3 days ago
- Business
- Yahoo
Holiday doesn't move gas prices much
Gasoline prices in the Northeast are declining after a busy runup to the Memorial Day holiday that pushed gasoline demand to the highest level of the year so far, according to AAA Northeast. 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.
Yahoo
14-04-2025
- Automotive
- Yahoo
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.
Yahoo
12-02-2025
- Automotive
- Yahoo
AAA: Gas prices remain stable in region
The price for a gallon of regular unleaded gasoline across the Northeast is holding steady thanks to falling oil prices and a 12th straight week of rising gasoline inventories, according to the American Automobile Association. According to an AAA news release, regional supplies of gasoline rose by 3.5 million barrels last week as cold, wintry weather kept gasoline demand down, which isn't unusual for this time of year. Supplies now stand at 700,000 barrels above the five-year average and 2.2 million barrels higher than the comparable week last year. The price of crude oil, which accounts for more than half the cost to produce gasoline, fell last week by about 3% after President Donald Trump's 10% tariff on Canadian oil imports was delayed by 30 days. "While supply and demand help keep prices in check in the snowy Northeast, early signs of spring are popping up in petroleum markets," the release stated. Just weeks remain before U.S. refiners begin to transition to production of summer-blended fuel, which is more expensive to produce than the gasoline provided to motorists in the winter. The higher costs are beginning to appear in futures markets, with prices for March delivery of gasoline climbing last week by about 2.5%, according to the release. The average gas price in New York is up a penny from last week ($3.16), averaging $3.17 per gallon. The price is four cents higher than a month ago ($3.13) and 10 cents lower than a year ago ($3.27). New York's average gas price is four cents higher than the national average. 'Petroleum markets are in the midst of the winter doldrums as Americans drive less than any other time of year,' said Patti Artessa, director of public affairs outreach for AAA Northeast. 'Production has held steady all winter, which is keeping supplies up and prices down, for now.' AAA Northeast's Feb. 10 survey of fuel prices found the current national average up four cents from last week ($3.09), averaging $3.13 gallon. The national average price is seven cents higher than a month ago ($3.06) and five cents lower than this time last year ($3.18). Mississippi and Texas have the lowest prices in the nation at $2.67 and $2.70 respectively. California and Hawaii hold the highest prices in the nation this week at $4.62 and $4.54, respectively. New York holds the 13th place on the list of highest gas prices in the nation, according to the release.
