Press release from AAA:
Today’s national average price for a gallon of gasoline is $2.72, up 8 cents from last week. One year ago, the price was $2.44. The New York State average is $2.78 – up 8 cents from last week. A year ago, the NYS average was $2.60.
AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia -- $2.72 (up 9 cents since last week)
- Buffalo - $2.72 (up 7 cents since last week)
- Ithaca -- $2.77 (up 9 cents since last week)
- Rochester -- $2.76 (up 9 cents since last week)
- Rome -- $2.80 (up 8 cents since last week)
- Syracuse -- $2.75 (up 9 cents since last week)
- Watertown -- $2.80 (up 8 cents since last week)
The national average continues to increase as crude prices march higher. Gas prices have also increased from longer-than-expected refinery outages due to last week’s winter storm that impacted the Gulf Coast.
As refineries restart and resume normal operations, supply is expected to increase in impacted areas and should bring stability to pump prices. Until then, most drivers should expect pump prices to continue increasing.
From GasBuddy:
"Gas prices continued to surge last week following cold weather-related shutdowns in Texas, but going forward, the impact from the cold has likely run its course," said Patrick De Haan, head of petroleum analysis for GasBuddy.
"However, several other factors will rise in their influence on gas prices again, including the fact that gasoline demand continues up steam. According to Pay with GasBuddy data, last week's total gasoline demand soared to the highest level since the pandemic began as COVID-19 cases continue to drop and Americans are filling up more.
"On the supply side, the number of oil rigs active in the U.S. stands nearly 50-percent lower than a year ago, which is a large factor driving prices up. To put it simply, demand is recovering much much faster than oil production levels, which is why oil prices have soared.
"This week, OPEC will be meeting to hopefully increase oil production to temper the rise in prices, but will they increase oil production enough to match the growing appetite of a global economy that's seen oil demand jump? We'll have to wait and see."
