Press release from AAA:
Today’s national average price for a gallon of gasoline is $3.53, up four cents from last week. One year ago, the price was $2.63. The New York State average is $3.75, up seven cents from last week. A year ago, the NYS average was $2.69. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $3.68 (up eight cents from last week)
- Buffalo - $3.70 (up eight cents from last week)
- Ithaca - $3.76 (up eight cents from last week)
- Rochester - $3.75 (up nine cents from last week)
- Rome - $3.76 (up six cents from last week)
- Syracuse - $3.71 (up seven cents from last week)
- Watertown - $3.73 (up seven cents from last week)
According to the Energy Information Administration (EIA), total domestic gasoline stocks decreased while gasoline demand also decreased. Typically, a decrease in gas demand during winter would put downward pressure on pump prices, but elevated crude prices continue to push pump prices higher. Pump prices will likely rise if crude prices continue to climb. Oil prices remain over $90 per barrel this morning. Tension between Russia and Ukraine continues to be a factor in rising oil prices. Russia is a member of OPEC+, and any sanctions based on their actions toward Ukraine may cause it to withhold crude oil from the global market.
From Gas Buddy:
"With tensions still very high that Russia may invade Ukraine, gasoline prices kept moving higher, tugged by the rising price of oil as the market concentrates on possible outcomes from the situation that could affect global oil production amidst recovering demand," said Patrick De Haan, head of petroleum analysis for GasBuddy. "However, with nuclear talks between Iran and global powers ongoing in Vienna, the possibility exists that a new deal could bring Iran's crude oil supply back to legitimate markets, helping to ease a slight portion of supply concerns. While the proposition remains in the air for the time being, we're also just a few weeks away from the traditional start of the spring surge in gasoline prices, brought on by the change to summer gasoline, seasonal maintenance at refineries and rising demand. The weeks ahead could be rather ugly with rising prices, especially if Russia pursues a strong-arm invasion of Ukraine."
