Press release from AAA:
Today’s national average price for a gallon of gasoline is $3.10, up 3 cents in the past week. One year ago, the price was $2.18. The New York State average is $3.15 – up 2 cents from last week. A year ago, the NYS average was $2.25. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia -- $3.10 (up 2 cents since last Monday)
- Buffalo -- $3.07 (no change since last Monday)
- Ithaca -- $3.11 (no change since last Monday)
- Rochester -- $3.10 (no change since last Monday)
- Rome -- $3.22 (up 2 cents since last Monday)
- Syracuse -- $3.14 (up 2 cents since last Monday)
- Watertown -- $3.18 (up 1 cent since last Monday)
Demand for gasoline is on the rise as schools have wrapped up and summer travel is in full swing. Crude prices remain well over $70 per barrel. Crude prices continue to ascend due to optimism that vaccine rollout will continue to help crude demand recover.
In fact, the price of crude crossed the $73 per barrel threshold last week for the first time in nearly three years. Daily crude prices have not been this high since October 2018.
Increasing crude prices, while gas demand remains high, are pushing pump prices higher ahead of the Independence Day holiday weekend. For the holiday, AAA expects 43 million Americans to drive to their destinations. That is the highest on record for this holiday and 5 percent more than the previous record in 2019.
From GasBuddy:
"With oil's continued push higher, fueled by continued strong demand globally and production only slowly answering, gasoline prices have had no choice but following the national average last week setting a new 2021 high," said Patrick De Haan, head of petroleum analysis for GasBuddy.
"As we approach July 4, it appears the only way forward is for gas prices to continue their rise as Americans insatiable demand for gasoline continues to be the catalyst for the rise in price.
"With hurricane season soon coming into its prime, we have plenty of catalysts for a rise in price, and few that could restrain the situation. Motorists should prepare to dig deeper for the second half of the summer, unfortunately."
