Gas prices down again in Batavia but mixed trend in region, signs of increases coming

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.32, up 4 cents from last week. One year ago, the price was $2.53. The New York State average is $2.47 – the same as last week. A year ago, the NYS average was $2.74. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia -- $2.44 (down 3 cents since last week)
• Buffalo -- $2.50 (down 1 cent since last week)
• Ithaca -- $2.36 (up 2 cents since last week)
• Rochester -- $2.41 (down 1 cent since last week)
• Rome -- $2.44 (down 1 cent since last week)
• Syracuse -- $2.36 (no change since last week)
• Watertown -- $2.43 (no change since last week)

The modest increase in the national average is likely due to supply concerns as refineries begin maintenance season. Overall, however, frigid weather has played a critical role in keeping pump prices low this winter, due to less demand for gasoline. For two weeks, demand numbers have decreased. The drop in demand helped total gas stocks across the country increase slightly by 400,000 bbl to 258.3 million bbl.

Moving into this week, milder weather could increase demand, pulling pump prices alongside it.

At the close of Friday’s formal trading session on the NYMEX, WTI increased $1.18 to settle at $55.59. Crude prices have continued their ascent due to growing belief that global supply is tightening. As crude prices increase, motorists can expect pump prices to follow suit, since approximately 50 percent of the cost consumers pay at the pump is due to the cost per barrel of crude oil.