Press release from AAA:
Today’s national average price for a gallon of gasoline is $3.30, up one cent from last week. One year ago, the price was $2.31. The New York State average is $3.48, down one cent from last week. A year ago, the NYS average was $2.39. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $3.42 (down two cents from last week)
- Buffalo - $3.45 (no change from last week)
- Ithaca - $3.49 (no change from last week)
- Rochester - $3.49 (down one cent from last week)
- Rome - $3.52 (no change from last week)
- Syracuse - $3.46i (up one cent from last week)
- Watertown - $3.50 (no change from last week)
There’s no relief at the pump due to rising oil prices, which are back in the $80 per barrel territory. Last week, crude prices increased after the Energy Information Administration reported that total domestic crude stocks decreased. The current stock level is approximately 14 percent lower than at the end of December 2020, contributing to pressure on domestic crude prices. Additionally, a decision earlier last week by OPEC+ to maintain its crude production increases, starting in February 2022, also helped to bolster crude prices.
From Gas Buddy:
"Oil prices have remained stubbornly strong, touching nearly $80 per barrel last week, pushing gasoline prices higher even as U.S. gasoline demand starts to struggle. Some of this is typical seasonal weakness, but the lack of demand is likely enhanced by omicron cases surging and Americans who are just a bit more hesitant to get out right now," said Patrick De Haan, head of petroleum analysis for GasBuddy. "In addition, unrest in Kazakhstan, the 18th largest oil producer, is likely leading to impacts on oil production, while continued unrest in Libya also worries markets and overpowers the seasonal drop in gasoline demand. Without improvement or stability in oil producing countries, we're likely to continue to see upward pressure on oil prices."
