Press release from AAA:
Today’s national average price for a gallon of gasoline is $3.08, up 3 cents in the past week. One year ago, the price was $2.10. The New York State average is $3.11 – up 2 cents from last week. A year ago, the NYS average was $2.22.
AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia -- $3.08 (up 6 cents since last Monday)
- Buffalo -- $3.04 (up 3 cents since last Monday)
- Ithaca -- $3.05 (up 2 cents change since last Monday)
- Rochester -- $3.07 (up 4 cents since last Monday)
- Rome -- $3.17 (up 2 cents since last Monday)
- Syracuse -- $3.06 (up 2 cents since last Monday)
- Watertown -- $3.15 (up 1 cent since last Monday)
Motorists are in for an unpleasant surprise at gas pumps this week as prices jumped across the region. Gas demand dropped following Memorial Day travel while total domestic gas stocks increased -- typically, lower gas demand amid growing stocks would help push pump prices down, but the increasing price of crude has pushed prices up instead.
Last week, crude prices crossed the $70/bbl threshold, a point not seen since mid-October 2018. Crude prices have increased due to optimism that vaccine rollout will continue to help crude demand recover and after the U.S. Consumer Price Index showed that prices increased by 5 percent in May, compared to last year, a larger increase than expected.
The new report is fanning market concerns that inflation is driving prices higher. Weeks ago, analysts predicted that gas prices would drop by Father’s Day, but if domestic crude prices remain high, American drivers will likely continue to see pump prices fluctuate through the end of the month.
From GasBuddy:
"We've seen the national average gas price continue to inch higher as oil prices have reached $71 per barrel, the highest since 2018, as gasoline demand continues to rebound," said Patrick De Haan, head of petroleum analysis for GasBuddy.
"Strong gasoline demand as states and cities reopen will likely continue to be a major factor keeping gas prices elevated even as oil production climbs in the months ahead.
"With most additional supply being gobbled up very quickly, gas prices will likely stay at elevated levels for the foreseeable future. Motorists can continue to fight the high gas prices by remembering to shop around each time they get below half a tank."
