Press release from AAA:
Today’s national average price for a gallon of gasoline is $3.15, up 2 cents in the past week. One year ago, the price was $2.20. The New York State average is $3.19 – up 1 cent from last week. A year ago, the NYS average was $2.26. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia -- $3.16 (up 2 cents since last week)
- Buffalo -- $3.12 (no change since last week)
- Ithaca -- $3.18 (no change since last week)
- Rochester -- $3.16 (no change since last week)
- Rome -- $3.25 (up 1 cent since last week)
- Syracuse -- $3.16 (no change cents since last week)
- Watertown -- $3.21 (up 1 cent since last week)
Gas demand is on the rise. In a recent report, the Energy Information Administration (EIA) noted that gas demand jumped from to 10.04 million barrels per day.
The estimated rate, which will likely be revised in a few months after verified data is available, is the highest weekly gas demand estimate released by EIA since 1991 and only reflects one day of the Independence Day holiday weekend.
Higher demand and a 6.1-million-barrel decline in total gas stocks over the holiday last week have pushed pump prices higher. If these trends continue, while the price of crude remains above $70 per barrel, American drivers can expect gas prices to continue climbing during the busy summer driving season.
From GasBuddy:
"While the national average has seen a slight rise over the last week, we may see some stabilization coming to the pump as oil prices hold just under their 2021 peak from last week," said Patrick De Haan, head of petroleum analysis for GasBuddy.
"Without additional crude oil supply coming online in the weeks ahead, we could see oil test $80 per barrel in the next couple of weeks. However, with U.S. gasoline demand falling slightly last week, we may have already seen peak consumption with the July 4 holiday.
"While the jury isn't quite in on that just yet, we're potentially only four to six weeks away from gas prices beginning a seasonal decline that we're likely all eagerly awaiting."
