Press Release from AAA:
Today’s national average price for a gallon of gasoline is $3.40, up one cent from last week. One year ago, the price was $2.13. The New York State average is $3.55 – up two cents from last week. A year ago, the NYS average was $2.23. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $3.46 (up one cent from last week)
- Buffalo - $3.47 (up two cents from last week)
- Ithaca - $3.51 (up one cent from last week)
- Rochester - $3.52 (up two cents from last week)
- Rome - $3.54 (up three cents from last week)
- Syracuse - $3.50 (up two cents from last week)
- Watertown - $3.55 (up three cents since last week)
Pump prices continue to rise, but at a slower pace than in recent weeks. According to data from the Energy Information Administration (EIA), total domestic gasoline stocks are down, while gasoline demand also decreased. The drop in demand has helped slow price increases, but elevated crude prices continue to put upward market pressure on pump prices. Gas prices will likely keep rising as long as oil prices are above $80 per barrel. This morning, oil prices are $82 to $83 per barrel, which is a tad lower than one week ago.
From Gas Buddy:
"The jump in gas prices that started nearly a month ago is finally running out of steam for the time being, as oil prices have stabilized. Yet, some areas of California are still at or near all-time record highs for prices," said Patrick De Haan, head of petroleum analysis for GasBuddy. "While California's high prices will not become a nationwide norm, prices there will likely remain elevated due to refinery issues amidst the surge of rain and other refinery kinks. For most motorists, gas prices are likely to greatly slow their recent ascent, and we could even see some small declines in the week ahead. OPEC is planning to meet next week, and while it doesn't seem likely there will be any boost in oil output, its meeting and comments could easily drive the market up or down. The odds remain high that gas prices will remain near today's elevated levels going into the holidays, barring additional OPEC supply."
