Press release from AAA:
Today’s national average price for a gallon of gasoline is $3.39, up six cents from last week. One year ago, the price was $2.16. The New York State average is $3.53 – up ten cents from last week. A year ago, the NYS average was $2.25. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $3.45 (up seven cents from last week)
- Buffalo - $3.45 (up nine cents from last week)
- Ithaca - $3.50 (up seven cents from last week)
- Rochester - $3.50 (up eight cents from last week)
- Rome - $3.51 (up seven cents from last week)
- Syracuse - $3.48 (up nine cents from last week)
- Watertown - $3.52 (up ten cents since last week)
The increase in gas prices is more drastic this week than last with the national average jumping six cents and local prices increasing even more. According to the latest data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased while gasoline demand increased. With the U.S. economy recovering from the depths of the pandemic, demand for gas has gone up, but supply is tight. Higher demand coupled with a decline in stocks, alongside elevated crude prices, has put upward market pressure on pump prices. Pump prices will likely rise as long as crude prices remain high — above $84 per barrel this morning.
From Gas Buddy:
"Gas prices continued to soar in a majority of the nation over the last week as oil's meteoric rise pulls gasoline and other refined product prices higher. But, there may be some light at the end of the tunnel," said Patrick De Haan, head of petroleum analysis for GasBuddy. "The sharp rise we've seen over the last three weeks should begin slowing down soon, barring another jump in the price of oil. This is because gasoline prices have now largely caught up to the jump in oil that started nearly a month ago. This isn't an all clear for the future, however, as oil prices could rise again at any time. But for now, oil has held around $83 per barrel, and without a further climb, gas price increases should slow down soon in the bulk of the nation."
