US sees lowest July 4 gas prices in 5 years
Average gasoline prices in New York fell 3 cents per gallon in the last week, averaging $3.14/g as the national average saw the lowest price point for Independence Day since 2020.
According to GasBuddy’s survey of 6,118 stations in New York, prices are 8.6 cents per gallon higher than a month ago and stand 44.7 cents per gallon lower than a year ago. In Olean, the price per gallon remained Tuesday at slightly less than $3.40./g, which has been locked in for months.
GasBuddy price reports indicate the lowest price in the state to begin the week was $2.52/g while the highest was $4.19/g, a difference of $1.67/g.
The national average price of gasoline fell 5.3 cents per gallon in the last week, averaging $3.09/g to begin the week. The national average is down 1.1 cents per gallon from a month ago and stands 37.4 cents per gallon lower than a year ago, according to GasBuddy data.
The national average price of diesel decreased 3.2 cents in the last week and stood at $3.644 per gallon.
Patrick De Haan, head of petroleum analysis at GasBuddy, said the downward momentum may continue, as OPEC’s weekend decision to boost production by a larger-than-expected 548,000 barrels per day in August adds further pressure to oil prices — potentially accelerating supply builds.
“If tensions in the Middle East remain contained and the Gulf is spared from major hurricanes, the odds are improving that the national average could dip below $3 per gallon later this summer,” he said. “But in the meantime, we could see the national average falling to its lowest summer level since the pandemic.”
Other areas in New York state and their current gas prices include Buffalo at $3.19/g, down 1 cent from last week; Syracuse at $3.12/g, down 4 cents; and Rochester at $3.15/g, down 2.7 cents.
In Bradford, Pa., the price remained at a fraction less then $3.60/g at most outlets, while on the Seneca Nation of Indians territory, where state and federal gas taxes are not collected, prices ranged from about to $2.63/g to about $2.86/g.
AAA Western and Central New York reported that, despite record travel for the Fourth of July weekend, gas prices were lower coming off the holiday as oil prices retreated back into the $66 to $68 per barrel range.
On EV charging, AAA reported the national and state averages for L2 commercial electricity remain steady. The national average per kilowatt hour of electricity at a public EV charging station stands at 36 cents.