Press release from AAA:
Today’s national average price for a gallon of gasoline is $2.51, up 4 cents from last week. One year ago, the price was $2.44. The New York State average is $2.60 – up 4 cents from last week. A year ago, the NYS average was $2.62.
AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia -- $2.52 (up 8 cents since last week, 7 cents less than last year)
- Buffalo -- $2.52 (up 5 cents since last week, 4 cents less than last year)
- Ithaca -- $2.56 (up 6 cents since last week, 7 cents less than last year)
- Rochester -- $2.55 (up 5 cents since last week, 2 cents less than last year)
- Rome -- $2.63 (up 5 cents since last week, 1 penny more than last year)
- Syracuse -- $2.54 (up 6 cents since last week, 5 cents more than last year)
- Watertown -- $2.63 (up 4 cents since last week, same price as last year)
Pump prices continue to increase again this week. In many areas across the country, gas prices have surpassed last year’s level. In Central New York, Watertown is on par with last year while Syracuse and Rome prices are slightly higher than one year ago. Other areas have not reached last year’s level as noted in the above list.
Increasing pump prices have been supported by higher crude oil prices and gas demand, which grew slightly last week though it remains lower than pre-pandemic levels, according to new data from the Energy Information Administration (EIA). Based on current trends, drivers will likely see pump prices continue to increase ahead of spring.
Last week, on Wednesday, crude prices reached the highest daily settlement price since January 2020. Crude and pump prices are likely to continue to move higher as crude inventories continue to drop and refinery utilization increases.
From GasBuddy:
"It's not surprising that gasoline prices continue to follow oil prices higher, as the national average now stands at its highest level since January 2020 as Pay with GasBuddy data shows U.S. gasoline demand rose over 2 percent last week," said Patrick De Haan, head of petroleum analysis for GasBuddy.
"The rise in gas prices continues to be driven by improving demand in the United States, and has nothing to do with who sits in the White House, but rather how many motorists are filing their tanks on a daily basis, and from that data, it's no guess, but prices will continue to trend higher.
"This situation will last as long as OPEC continues to restrain their oil production, creating the situation we're in where demand is recovering faster than demand. The situation won't get better, just wait until spring, it's likely the national average will rise another 10 to as much as 50 cents per gallon if oil production doesn't respond to the continued recovery in demand."
