Gas prices hold steady for the week

Press release:

Today’s national average price for a gallon of gasoline is $2.90, up 1 cent from last week. One year ago, the price was $2.81. The New York State average is $2.97 – also up 1 cent from last week. A year ago, the NYS average was $2.95. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia -- $2.84 (no change since last week)
• Buffalo -- $2.89 (up 2 cents since last week)
• Ithaca -- $2.90 (no change since last week)
• Rochester -- $2.90 (up 2 cents since last week)
• Rome -- $2.91 (no change since last week)
• Syracuse -- $2.89 (up 1 cent since last week)
• Watertown -- $2.96 (up 1 cent since last week)

Switching to the more expensive summer blend gasoline, ongoing refinery maintenance, and healthy consumer demand are all contributing to the increase in pump prices across the country.

While price increases have tapered off this week, remember that Memorial Day is on the horizon. Current factors are likely to continue playing a role in price increases, so American motorists should expect to see prices continue to ascend in the weeks ahead.

Although oil prices inched up at the close of trading on Friday, crude saw losses last week after new concerns about U.S. oversupply emerged. The Energy Information Administration (EIA) weekly petroleum report revealed that domestic crude inventories jumped significantly — by 10 million barrels.

Crude inventories have not been this high since September 2017, according to EIA’s data. An all-time record high for domestic crude production in recent weeks (after concerns of dwindling supply) contributed to the substantial growth in U.S. crude stocks.

Growing domestic crude stocks could play a role in helping to keep gas prices low this summer, since crude comprises roughly 50 percent of the cost American motorists pay at the pump. However, if crude exports from the U.S. increase this summer, the domestic crude that could be used to make gasoline for American motorists will be siphoned off to meet restricted supply in the global crude market.