Press release from Automobile Club of America:
Today’s national average price for a gallon of gasoline is $4.12, up four cents from last week. One year ago, the price was $2.89. The New York State average is $4.23, up five cents from last week. A year ago, the NYS average was $2.93. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $4.21 (down 2 cents from last week)
- Buffalo - $4.21 (down 2 cents from last week)
- Elmira - $4.21 (up 8 cents from last week)
- Ithaca - $4.21 (up 2 cents from last week)
- Rochester - $4.28 (up 1 cent from last week)
- Rome - $4.25 (up 3 cents from last week)
- Syracuse - $4.24 (up 3 cents from last week)
- Watertown - $4.25 (up 1 cent from last week)
The recent slide in gas prices appears to be only temporary as pump prices are on the rise again. The national average is up four cents since last week. This morning, oil prices are at about $100 per barrel. The war in Ukraine and fear of less Russian oil entering the market caused the price of crude to creep back up. Meanwhile, data from the Energy Information Administration (EIA) shows that total domestic gasoline stocks decreased while gasoline demand increased.
From Gas Buddy:
“For the first time in over a month, the national average price of gasoline has risen. Primarily, this was due to oil prices that had jumped the prior week, pushing up the price that stations pay for fuel and thus causing them to raise prices," said Patrick De Haan, head of petroleum analysis at GasBuddy. "The rise has been quite tame in most areas, while others have continued to gently decline. But, with the French election now behind us, there is risk that the EU could pursue harsher sanctions on Russia's energy, which could cause oil prices to rise if it happens - something motorists should be on the watch for. In addition, U.S. oil inventories continue to decline, putting additional pressure on prices as the nation's SPR continues to drain and Russia's war on Ukraine remains ongoing. The global imbalance between supply and demand that led to these higher prices continues for the time being."
