Global Demand For Crude Oil Projected To Reach Lowest Point Since 1995

JAMESTOWN – AAA says the price of gas and the demand for it are still dropping.

Believe it or not, the global crude oil demand is starting to look like it did in 1995.

As of Monday, the national average price of gas is $1.81. and New York’s is $2.22. One year ago, those prices were $2.84 and $2.88, respectively.

Buffalo and Batavia, where prices went down four cents since last week, both average at $2.27. Rochester is currently just five cents lower, on average.

The coronavirus pandemic is prompting people to stay home. With refiners producing more gasoline than what’s needed, prices will continue to sink.

AAA, citing a report by the International Energy Agency, says “global oil demand is projected to hit a 25-year low and fall by a record 9.3 million barrels per day this year.”