Jamestown Gas Prices Plunge as Nationwide Average Sets 2018 Low

Jamestown New York, Gas Prices
Gas pumps by Natalie Maynor
Photo by Natalie Maynor https://www.flickr.com/photos/nataliemaynor/ creativecommons.org/licenses/by/4.0/  

Jamestown area gas prices are down by nearly 14 cents this week to an average of $2.721 per gallon, according to AAA East Central’s Gas Price Report. 

Statewide, gasoline is five cents less expensive this week in New York ($2.79).  Despite a draw of nearly 700,000 barrels, gasoline stocks continue to measure above 61 million in the Mid-Atlantic and Northeast region.  Regional refinery utilization has increased to 86 percent, indicating that a large build could be coming in the week ahead and contribute towards reducing gas prices even further.

This week’s average price for Jamestown: $2.721
Average price during the week of November 26, 2018: $2.858
Average price during the week of December 4, 2017: $2.756

On the National Front
On the week, motorists in 32 states are paying less to fill up compared to a year ago.  As the national gas price average drops to $2.46 it sets a new low price for the year and is cheaper than a year ago by two cents.  The last time the daily national gas price average was cheaper year-over-year was 18 months ago on July 6, 2017 when gas prices were $2.24 (versus $2.26 on July 6, 2016).  Not only is today’s national gas price average cheaper year-over-year, but also is 31-cents cheaper than a month ago and on the week, 24 states saw gas prices drop double digits. 

Cheap crude oil prices are largely driving fuel savings at the pump.  Last week, crude dropped to its lowest point of the year at $50/bbl.  However, this week’s Organization of Petroleum Exporting Countries (OPEC) meeting could disrupt the cost of crude.  OPEC is expected to make an announcement on production at its meeting this Thursday in Vienna, Austria.  The scheduled OPEC meeting has not had a negative impact on pump prices so far.

Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.

AAA East Central is a not-for-profit association with 80 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.  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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