Jamestown Gas Prices Break as Inventory Builds

New York, Gas Prices
Gilmore Gas
Photo by Stefanus Prayitno

Gas prices in the Jamestown dropped five cents this week to $2.507 per gallon, according to AAA East Central’s Gas Price Report.  Across the Mid-Atlantic and Northeast Region, prices at the pump dropped in every state except Washington, D.C. where prices were flat.

The EIA reports gasoline inventory levels above year-ago levels.  Overall, compared to a year ago, gas prices are mostly reminiscent of last summer.  With comparable gas prices to last summer, consumers may feel encouraged to drive more ultimately leading to an increase in demand, which could help dip into the supply levels.

This week’s average price for Jamestown: $2.507
Average price during the week of June 5, 2017: $2.554
Average price during the week of June 13, 2016: $2.536

On the National Front
At $2.34, the national gas price is cheaper today than it was on this day one year ago.  The same trend rings true at the pump in 27 states in the Southeast and Midwest – many seeing double-digit price drops.  More so, in 46 states consumers are paying, on average, three cents less at the pump than a week ago.

The national price drop is due to an unexpected buildup of crude oil last week combined with ongoing high gasoline production, an increase in gasoline stocks, and fluctuations in demand.  This continuing trend could result in price drops into July and August as the summer driving season zooms ahead. However, it is not likely that gas prices will drop much lower than this week’s prices.

The oil market appears to be off to a good start this week, with the price per barrel above $46. The increase comes after last week’s report from the EIA showed surprising numbers in gasoline demand and crude inventories.  After setting a record for use during the run-up to Memorial Day weekend, demand decreased significantly.  Market watchers expected to see a post-Memorial Day slump; however, the market was surprised by a strong build in crude inventories.  The continued glut in crude inventories is resulting in high production rates, putting downward pressure on prices per barrel.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

AAA East Central is a not-for-profit association with 81 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.  Past news releases are available at news.eastcentral.aaa.com.  Follow us on Twitter and Facebook.

For More Information, Contact:
Jim Garrity, Public & Community Relations Manager
Desk: 412-365-7274 / Cell: 412-905-9021 / Email: Garrity.James@aaaec.com

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