Press release from AAA:
Today’s national average price for a gallon of gasoline is $3.13, up 3 cents in the past week. One year ago, the price was $2.18. The New York State average is $3.18 – up 3 cents from last week. A year ago, the NYS average was $2.25. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia -- $3.14 (up 4 cents since last Monday)
- Buffalo -- $3.12 (up 5 cents since last Monday)
- Ithaca -- $3.18 (up 7 cents since last Monday)
- Rochester -- $3.16 (up 6 cents since last Monday)
- Rome -- $3.24 (up 2 cents since last Monday)
- Syracuse -- $3.16 (up 2 cents since last Monday)
- Watertown -- $3.21 (up 3 cents since last Monday)
Crude oil prices have significantly increased in the last seven months. Following the Independence Day holiday weekend, AAA expects crude oil prices, and in turn gas prices, to increase and stay expensive through the end of summer.
The market has supported increasing crude oil prices in reaction to these variables:
- Confidence in worldwide vaccination rollout;
- Global oil demand spikes;
- Easing of travel restrictions and optimism for leisure travel.
Crude oil accounts for more than half of the price at the pump. As it increases, so does the price consumers pay.
Press release from GasBuddy:
"Gasoline demand over the holiday weekend certainly did not disappoint as millions of Americans flooded the roads for the long weekend, guzzling down gasoline at a clip not seen in years, and in the process, we could have set new all-time records for consumption," said Patrick De Haan, head of petroleum analysis for GasBuddy.
"As OPEC+ met over the weekend and saw a heated disagreement about raising oil production, WTI crude oil surged in Monday evening electronic trading to nearly $77 per barrel on higher demand and a lack of additional supply from OPEC amidst a mountain of disagreement on how to respond to the market.
"For now, with imbalances in supply and demand continuing, motorists will continue digging deeper to pay for gasoline as prices are likely headed no where but up until global supply starts to catch up with the continued surge in demand."
