Press release from AAA:
Today’s national average price for a gallon of gasoline is $3.37, up four cents from last week. One year ago, the price was $2.42. The New York State average is $3.55, up five cents from last week. A year ago, the NYS average was $2.51. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $3.51 (up eight cents from last week)
- Buffalo - $3.49 (up four cents from last week)
- Ithaca - $3.54 (up five cents from last week)
- Rochester - $3.55 (up five cents from last week)
- Rome - $3.58 (up five cents from last week)
- Syracuse - $3.51 (up four cents from last week)
- Watertown - $3.54 (up two cents from last week)
According to the Energy Information Administration (EIA), gasoline demand is in a typical range for the winter driving season, equivalent to mid-January 2020. Continued growth in the price of crude oil has helped to keep pump prices elevated. If crude prices continue to climb, pump prices will likely follow suit. This morning, oil prices are in the high $80s to low $90s per barrel. Tension between Russia and Ukraine pushed crude prices up last week. Amid tight global supply, there are market concerns that a looming invasion could contribute to a volatile market, pushing prices higher.
From Gas Buddy:
“The price of oil pushed into territory unseen in over seven years as WTI crude hit $88 per barrel, which continues to drag gasoline prices higher. With continued concerns over geopolitical tensions and crude oil supply, the small yet noticeable increases are likely to continue," said Patrick De Haan, head of petroleum analysis at GasBuddy. "The only factor keeping gas prices from rising more substantially is that gasoline demand remains low as winter storms keep motorists closer to home. Once the weather starts to turn and warm gradually, we'll lose the only restraint to larger price increases."
