Press release from AAA:
Today’s national average price for a gallon of gasoline is $3.44, up seven cents from last week. One year ago, the price was $2.46. The New York State average is $3.59, up four cents from last week. A year ago, the NYS average was $2.56. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $3.52 (up one cent from last week)
- Buffalo - $3.53 (up four cents from last week)
- Ithaca - $3.58 (up four cents from last week)
- Rochester - $3.58 (up three cents from last week)
- Rome - $3.63 (up five cents from last week)
- Syracuse - $3.55 (up four cents from last week)
- Watertown - $3.58 (up four cents from last week)
According to the Energy Information Administration (EIA), total domestic gasoline stocks have grown, while gasoline demand has dropped recently. An increase in total stocks and a decrease in demand typically puts downward pressure on pump prices, but rising crude prices continue to push prices higher instead. If crude prices continue to climb, pump prices will likely follow suit.
Crude prices are now topping $90 per barrel. The tension between Russia and Ukraine continues to contribute to rising oil prices. Russia is a member of OPEC+, and any sanctions based on their actions toward Ukraine may cause it to withhold crude oil from the global market. Moreover, OPEC+ announced this week it will stick to its plan to increase crude production by 400,000 barrels per day next month despite calls for a greater increase to help meet demand. Additionally, EIA reported that total domestic crude stocks decreased, contributing to pressure on domestic crude prices.
From Gas Buddy:
“Gas prices saw their sharpest rise in months last week as oil surged to $93 per barrel, on continued concerns over Russia invading Ukraine and that there won't be enough supply to meet demand come this summer," said Patrick De Haan, head of petroleum analysis at GasBuddy. "With the national average at its highest level since 2014, the news is grim: motorists should expect even more price increases, with the larger jumps coming later this spring as a confluence of seasonal factors and the potential flare-up in geopolitical tensions. Ultimately, the national average could be pushed to record territory by the start of the summer driving season."
