Press release from the Automobile Club of America:
Today’s national average price for a gallon of gasoline is $4.08, down 3 cents change from last week. One year ago, the price was $2.87. The New York State average is $4.18, down 4 cents from last week. A year ago, the NYS average was $2.89. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $4.23 (down 5 cents from last week)
- Buffalo - $4.23 (down 5 cents from last week)
- Elmira - $4.13 (down 4 cents from last week)
- Ithaca - $4.19 (down 2 cents from last week)
- Rochester - $4.27 (down 3 cents from last week)
- Rome - $4.22 (down 2 cents from last week)
- Syracuse - $4.21 (down 4 cents from last week)
- Watertown - $4.24 (down 4 cents from last week)
In the past week, the national average for a gallon of regular gasoline has decreased by three cents. This morning, oil prices are $106 per barrel — up six cents since last week. Prices had dropped earlier this month after domestic crude stocks increased by 2.5 million barrels, followed by announcements that 180 million barrels would be released from the Strategic Petroleum Reserve over the next six months and the International Energy Agency would release 120 million barrels from its emergency reserves. The announcement has helped ease some supply concerns, initially pushing crude prices lower. Sanctions against Russian oil are likely to remain at the top of the EU agenda in the coming months, however, experts believe a complete ban is unlikely.
This past week, President Biden announced that his administration will temporarily allow E15 gasoline — which uses a 15% ethanol blend usually banned during warm-weather months as part of anti-pollution restrictions — hoping to bring relief to consumers this summer since the higher-ethanol fuel typically sells for 5 to 10 cents less per gallon than regular gas. However, 12% of the vehicles on the road are not designed to run on E15 gas, including any motorcycle, any vehicle older than model year 2001, any off-road vehicle or vehicles with heavy-duty engines, such as school buses or delivery trucks.
From Gas Buddy:
“We've now seen the national average price of gasoline decline every week for the last month, a feat we most likely would not have expected ahead of summer and given the continued turns in Russia's war on Ukraine. However, the downturn could slow or could even reverse in the days ahead if the rally in oil prices continues," said Patrick De Haan, head of petroleum analysis at GasBuddy. "A barrel of crude is now $14 higher than it was last week, as the European Union weighs placing harsher sanctions on Russia. This could further tilt the delicate balance of supply and demand in the wrong way, potentially sending oil prices up significantly if implemented. The path forward at the pump remains murky, however, with many possible outcomes, so motorists should be prepared for a bumpy ride."
