Press release from AAA:
Today’s national average price for a gallon of gasoline is $2.47, up 5 cents from last week. One year ago, the price was $2.44. The New York State average is $2.51 – up 5 cents from last week. A year ago, the NYS average was $2.64.
AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia -- $2.44 (up 5 cents since last week)
- Buffalo -- $2.47 (up 4 cents since last week)
- Ithaca -- $2.50 (up 3 cents since last week)
- Rochester -- $2.50 (up 3 cents since last week)
- Rome -- $2.58 (up 5 cents since last week)
- Syracuse -- $2.48 (up 5 cents since last week)
- Watertown -- $2.59 (up 5 cents since last week)
Pump prices continue to increase while the latest data from the Energy Information Administration (EIA) shows that gas demand decreased slightly.
This morning, WTI crude increased is priced by more than $57, which is the highest settlement price of the year. Crude prices rose last week after the Organization of the Petroleum Exporting Countries (OPEC) and its production reduction agreement partners met to review compliance with their agreement to collectively reduce their crude production by 7.2 million barrels per day. The group decided to hold the cuts steady and expects output to remain low this year, since demand is forecasted to be lower than expected throughout 2021 due to ongoing crude demand concerns as the pandemic continues to keep travel restrictions in place. An increase in crude utilization and increasing crude prices will continue to contribute to higher pump prices for drivers throughout the month.
From GasBuddy:
"Many factors continue to push oil prices higher, but at the foundation of the rise is the fact that the coronavirus situation continues to improve, pushing global oil demand higher as production continues to lag, pushing U.S. gas prices higher," said Patrick De Haan, head of petroleum analysis for GasBuddy.
"Until OPEC intercedes and raises oil production in the months ahead, motorists should continue to expect rising gas prices, which for the first time some time stand at their highest in over a year, adding misery to the dire economic situation as millions remain jobless.
"The news won't likely improve in the months ahead, with continued increases in gas prices as OPEC maintains a tight balance between reduced demand and supply, keeping prices on the higher side."
