gas prices

Press release from the Automobile Association of America:

Today’s national average price for a gallon of gasoline is $3.85, down 5 cents from one week ago. One year ago, the price was $3.15. The New York State average is $4.14, down 11 cents since last Monday. A year ago, the NYS average was $3.23. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.27 (down 7 cents from last week)
• Buffalo - $4.19 (down 11 cents from last week)
• Elmira - $4.09 (down 12 cents from last week)
• Ithaca - $4.27 (down 16 cents from last week)
• Rochester - $4.26 (down 10 cents from last week)
• Rome - $4.40 (down 7 cents from last week)
• Syracuse - $4.23 (down 10 cents from last week)
• Watertown - $4.40 (down 10 cents from last week)

Stable global oil prices and modest domestic demand for gasoline has resulted in lower pump prices. Drivers are now benefiting from gas prices that are more than one dollar less than their peak in mid-June. But now we need to keep an eye on the weather as hurricane season arrives. Storms can affect prices by disrupting oil production in the Gulf of Mexico and impacting large coastal refineries.

This morning oil prices range from $94 to $101 per barrel. With Labor Day travel kicking off this week, travelers will benefit from lower gas prices.

From Gas Buddy:

“The national average has declined for another week, extending the slide for the eleventh straight week. Gas prices are now $1.20 per gallon lower than mid-June with Americans spending $450 million less on gasoline every day as a result," said Patrick De Haan, head of petroleum analysis at GasBuddy. "Some issues have developed that we're keeping a close eye on, including the shut down of the largest refinery in the Midwest. While that refinery may get back online sooner rather than later, it's not impossible that down the road the situation could impact prices in the region. For the rest of the country, however, we'll continue to see prices moderate. This is of course subject to hurricane season, and it does appear that the tropics are starting to see some activity, so there's no guarantee the decline will continue."

Press release from the Automobile Association of America:

Today’s national average price for a gallon of gasoline is $3.90, down 6 cents from one week ago. One year ago, the price was $3.16. The New York State average is $4.25, down 9 cents since last Monday. A year ago, the NYS average was $3.22. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.34 (down 6 cents from last week)
• Buffalo - $4.30 (down 9 cents from last week)
• Elmira - $4.21 (down 15 cents from last week)
• Ithaca - $4.43 (down 7 cents from last week)
• Rochester - $4.36 (down 9 cents from last week)
• Rome - $4.47 (down 6 cents from last week)
• Syracuse - $4.33 (down 10 cents from last week)
• Watertown - $4.50 (down 7 cents from last week)

The summer travel season has ended in many parts of the country where school is back in session. That, coupled with lower oil prices, is bringing some relief at the pump as gas prices drop. This morning oil prices range from $89 to $95 per barrel – down significantly from the spring spikes.

In Western and Central New York, summer travel is expected to remain strong through Labor Day. If oil prices drop even further, gas prices should follow.

From Gas Buddy:

“While some areas saw gas prices rise slightly last week, the national average saw yet another weekly decline, extending the streak to ten straight weeks. The pace of declines is certainly slowing down as oil prices have bounced up slightly, but the West Coast and Northeastern U.S. are areas that still may see gas prices decline, while the South and Midwest see the drop fade and potentially slight increases," said Patrick De Haan, head of petroleum analysis at GasBuddy. "In addition to falling gasoline prices, the average price of diesel has fallen below $5 per gallon for the first time since March, likely helping to cool off aggressive inflation numbers. Thus far, Mother Nature has spared us from disruptions from hurricanes, but that remains a wildcard as we head into the peak of hurricane season."

Press release from Automobile Association of Ameria:

Today’s national average price for a gallon of gasoline is $3.96, down 10 cents from one week ago. One year ago, the price was $3.18. The New York State average is $4.34, down 9 cents since last Monday. A year ago, the NYS average was $3.23. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.40 (down 5 cents from last week)
• Buffalo - $4.39 (down 7 cents from last week)
• Elmira - $4.36 (down 6 cents from last week)
• Ithaca - $4.50 (down 9 cents from last week)
• Rochester - $4.45 (down 9 cents from last week)
• Rome - $4.53 (down 10 cents from last week)
• Syracuse - $4.43 (down 8 cents from last week)
• Watertown - $4.57 (down 11 cents from last week)

On Thursday, the national average dropped below $4 per gallon for the first time since March 5. In the spring, oil prices spiked in reaction to Russia’s invasion of Ukraine, leading the national average to a new all-time high.

According to new data from the Energy Information Administration (EIA), gas demand increased from 8.54 million b/d to 9.12 million b/d last week. However, the rate is 307,000 b/d lower than last year. Moreover, according to EIA, total domestic gasoline stocks decreased by 5 million bbl to 220.3 million bbl. Although gasoline demand has increased and supply has tightened, lower oil prices have helped lower pump prices. If oil prices continue to decline, drivers will likely continue to see pump prices decrease.

Crude oil prices rose slightly last week after the U.S. Bureau of Labor and Statistics reported a smaller than expected increase in inflation last month at 8.5 percent. The rise in market optimism helped to boost prices despite the EIA reporting that total domestic crude supply increased by 5.4 million bbl last week. Since then, crude prices have dropped back down and, as of this morning, range from $90 to $96 per barrel.

From Gas Buddy:

“For the ninth week straight, gas prices have continued to fall, but the streak is at great risk of being broken this week with wholesale gasoline prices having bounced back up some 40 cents per gallon as oil prices have rebounded," said Patrick De Haan, head of petroleum analysis at GasBuddy. "That means the decline in average prices could wrap up soon, with some price increases possible as early as this week, especially in areas of the Great Lakes. While the West Coast and some areas of the Rockies may see prices continue to drift lower, I do believe the national average could tick higher this week as the better than expected jobs report last week likely means less demand destruction than anticipated."

Press release from the Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.06, down 15 cents from one week ago. One year ago, the price was $3.19. The New York State average is $4.43, down 9 cents since last Monday. A year ago, the NYS average was $3.22. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.45 (down 4 cents from last week)
• Buffalo - $4.45 (down 6 cents from last week)
• Elmira - $4.42 (down 8 cents from last week)
• Ithaca - $4.59 (down 6 cents from last week)
• Rochester - $4.54 (down 7 cents from last week)
• Rome - $4.63 (down 7 cents from last week)
• Syracuse - $4.51 (down 7 cents from last week)
• Watertown - $4.68 (down 4 cents from last week)

According to the latest data from the Energy Information Administration (EIA), gas demand dropped recently to the point where it was in line with demand at the end of July 2020 when COVID-19 restrictions were in place. Meanwhile, stocks continue to rise while oil prices remain lower, which is leading to a drop in gas prices.

This morning, oil prices range from $89 to $95 per barrel. Crude prices have fallen as market concerns about weakening demand persist after the EIA reported that total domestic crude inventory increased. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group also known as OPEC+, announced plans to boost collective crude production by 100,000 barrels next month. However, the slight increase is unlikely to have a significant pricing impact – especially if demand continues to decline.

While overall demand has dropped in the U.S., we are seeing strong demand in New York as the summer travel season continues. Some states return to school earlier than this region, so their summer travel season is wrapping up. Also, new AAA consumer research shows that almost two-thirds of Americans have reduced their driving due to high gas prices.

From Gas Buddy:

"The national average is poised to fall back under $4 per gallon as early as today as we see the decline in gas prices enter its eighth straight week. By the end of the week, one hundred thousand stations will be at $3.99 or less," said Patrick De Haan, head of petroleum analysis at GasBuddy. "Diesel continues to decline as well, and will likely soon fall under $5 per gallon. We've even seen nearly a dozen stations in low-priced states fall under $2.99, a welcome return to some lucky motorists in areas of Texas, Oklahoma, Kansas and Iowa. The groundwork is laid for a ninth week of decline, with areas of the West Coast soon ditching the $5 per gallon average. While I'm upbeat the drop can continue for another couple weeks, we're starting to see some activity in the tropics, which may increase risk of potential disruption."

Press release from Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.21, down 15 cents from one week ago. One year ago, the price was $3.17. The New York State average is $4.52, down 6 cents since last Monday. A year ago, the NYS average was $3.21. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.49 (down 3 cents from last week)
• Buffalo - $4.51 (down 7 cents from last week)
• Elmira - $4.50 (down 10 cents from last week)
• Ithaca - $4.65 (down 6 cents from last week)
• Rochester - $4.61 (down 7 cents from last week)
• Rome - $4.70 (down 6 cents from last week)
• Syracuse - $4.58 (down 7 cents from last week)
• Watertown - $4.72 (down 3 cents from last week)

According to the latest data from the Energy Information Administration (EIA), gas demand increased in recent weeks while inventory levels dropped, which could pressure pump prices and slow price decreases if the trend holds. Yet for now, prices continue to drop.

Crude prices continue to fluctuate and impact pump prices. This morning, oil is priced at $98 to $104 per barrel. If oil prices increase, gas prices will likley follow as oil accounts for half of each gallon of gasoline produced.

From Gas Buddy:

“We continue to see average gas prices falling in every state, with the national average down for the seventh straight week. Even better, nearly 20 states have also seen their average decline to $3.99 or less, with over 70,000 stations now at that level or below," said Patrick De Haan, head of petroleum analysis at GasBuddy. "The outlook is for a continued drop in most areas. However, some supply tightness in areas of the Northeastern U.S. could push prices up slightly until inventories rise, or imports do. For now, Americans are seeing prices nearly 90 cents lower than their mid-June peak and are spending close to $330 million less on gasoline every day as a result. As long as oil prices hold at these levels or lower, we'll see another decline in most areas this week."

Press release from the Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.36, down 17 cents from last week. One year ago, the price was $3.16. The New York State average is $4.58, down 12 cents since last Monday. A year ago, the NYS average was $3.19. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.52 (down 10 cents from last week)
• Buffalo - $4.58 (down 11 cents from last week)
• Elmira - $4.60 (down 11 cents from last week)
• Ithaca - $4.71 (down 9 cents from last week)
• Rochester - $4.68 (down 10 cents from last week)
• Rome - $4.76 (down 7 cents from last week)
• Syracuse - $4.65 (down 8 cents from last week)
• Watertown - $4.75 (down 9 cents from last week)

According to the latest data from the Energy Information Administration (EIA), gas demand increased last week but was lower than this time last year and was more in line with the demand seen in mid-July 2020, when COVID-19 regulations curbed demand. Additionally, total domestic gasoline socks increased, signaling that low demand led to growth in inventory last week. If demand remains low as stocks increase, alongside a continuing reduction in crude oil prices, drivers will likely see pump prices continue to decline.

From Gas Buddy:

“Gas prices continue falling coast to coast, with the national average last week declining for the sixth straight week, or 40 days in a row. The national average is now down an astounding 70 cents in that timeframe," said Patrick De Haan, head of petroleum analysis at GasBuddy. "I have no reason yet to expect the decline won't reach seven straight weeks, as gas stations still have plenty of room to decline as oil prices remain under $100 per barrel. However, should the tropics become more active, the decline could eventually reverse. In addition, this week we'll see GDP data for the second quarter, and if it's better than expected, we may see oil rally, slowing the descent. For now, nine states are seeing average prices under $4 per gallon, a number that will rise this week, with over 40,000 stations under that level, keeping $266 million per day in motorists’ wallets versus mid-June."

Press releases from Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.52, down 16 cents from last week. One year ago, the price was $3.17. The New York State average is $4.69, down 11 cents since last Monday. A year ago, the NYS average was $3.20. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.62 (down 10 cents from last week)
• Buffalo - $4.68 (down 8 cents from last week)
• Elmira - $4.70 (down 9 cents from last week)
• Ithaca - $4.80 (down 6 cents from last week)
• Rochester - $4.77 (down 9 cents from last week)
• Rome - $4.82 (down 8 cents from last week)
• Syracuse - $4.73 (down 8 cents from last week)
• Watertown - $4.83 (down 7 cents from last week)

According to the latest data from the Energy Information Administration (EIA), gas demand tapered off over the past two weeks following the Independence Day holiday, while total domestic gas stocks increased. The lower demand, alongside cheaper oil prices, has helped to push pump prices down. If these supply/demand dynamics hold, drivers will likely continue to see price relief at the pump. This morning, oil prices are hovering around the $100 per barrel mark, which is down slightly compared to one week ago though prices did drop below $100 at one point last week.

Press release:

“We've seen the national average price of gasoline decline for a fifth straight week, with the pace of recent declines accelerating to some of the most significant we've seen in years. This trend is likely to reach a sixth straight week, with prices likely to fall again this week. Barring major hurricanes, outages or unexpected disruptions, I forecast the national average to fall to $3.99/gal by mid-August," said Patrick De Haan, head of petroleum analysis at GasBuddy. "So far, we've seen the national average drop for 34 straight days, with over 25,000 stations now back at $3.99 per gallon or less, and thousands more stations will join this week. In addition, we will see several states fall back under an average of $4, the majority being in the south, but that could spread to more states in the weeks ahead.”

Press release from Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.68, down 13 cents from last Monday and down 12 cents since reported last Tuesday. One year ago, the price was $3.14. The New York State average is $4.80, down 9 cents since last Monday. A year ago, the NYS average was $3.20. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.72 (down 8 cents from last Tuesday)
• Buffalo - $4.76 (down 5 cents from last Tuesday)
• Elmira - $4.79 (down 8 cents from last Tuesday)
• Ithaca - $4.86 (down 5 cents from last Tuesday)
• Rochester - $4.86 (down 7 cents from last Tuesday)
• Rome - $4.90 (down 5 cents from last Tuesday)
• Syracuse - $4.81 (down 7 cents from last Tuesday)
• Watertown - $4.90 (down 3 cents from last Tuesday)

Early last week, unleaded gasoline dropped below $5 a gallon at about 80% of gas stations across the country as oil prices dropped amid broad market concern regarding a potential slow, or even stall, of economic growth due to rising interest rates and inflation. A lower economic growth rate than expected could cause crude demand to further decline, leading pump prices to follow suit. This morning, oil prices are at $103 to $105, down slightly from the $103 to $107 per barrel seen last Tuesday.

Last Wednesday, data from the Energy Information Administration (EIA) showed that gas demand sat at 8.93 million b/d, which was lower the last year’s rate of 9.11 million b/d at the end of June. On the other hand, domestic gasoline stocks increased by 2.6 million bbl to 221.6 million bbl. These supply and demand dynamics, along with decreasing oil prices, have pushed pump prices lower. If these trends continue, drivers will likely continue to see relief at the pump.

From Gas Buddy:

“The national average has declined for 27 days straight, or four weeks, the longest decline in average gas prices since the pandemic started in 2020. Average gas prices are down nearly 40 cents, with Americans shelling out $140 million less on gasoline every day than they did a month ago," said Patrick De Haan, head of petroleum analysis at GasBuddy. "We may see the trend last a fifth week, as long as oil prices remain cooperative and don't surge beyond $105 per barrel, and as long as refinery production of gasoline remains strong. But we're not completely out of the woods yet - we could also see a sharp reversal in the decline. There remains risk of a spike in prices that could send us to new record levels in August, should any disruptions occur. It could be a wild ride, but for now, the plummet at the pump shall continue."

Press release from the Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.80, down 10 cents from last Monday and down 8 cents in one week since last Tuesday. One year ago, the price was $3.13. The New York State average is $4.89, down 7 cents since last Monday. A year ago, the NYS average was $3.18. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.79 (down 9 cents from last Monday)
• Buffalo - $4.81 (down 5 cents from last Monday)
• Elmira - $4.87 (down 6 cents from last Monday)
• Ithaca - $4.91 (down 4 cents from last Monday)
• Rochester - $4.92 (down 3 cents from last Monday)
• Rome - $4.95 (down 2 cents from last Monday)
• Syracuse - $4.88 (down 5 cents from last Monday)
• Watertown - $4.93 (down 4 cents from last Monday)

About 80 percent of gas stations across the country are now selling regular unleaded gasoline for under $5 a gallon. Oil prices are down amid broad market concern regarding the potential for economic growth to slow or stall due to rising interest rates and inflation. This morning, oil prices are at $103 to $107 compared to $108 to $113 per barrel one week ago.

With the Independence Day holiday behind us, summer travel is in full swing. AAA expected 47.9 million people to travel 50 miles or more from home over the holiday weekend. This is an increase of 3.7% over 2021, bringing travel volumes just shy of those seen in 2019 with car travel setting a new record. Summer travel is expected to be robust through Labor Day.

From Gas Buddy:

“As expected, and for the third straight week, average gasoline prices have fallen to their lowest level in over a month. The price of wholesale gasoline has plummeted, providing price relief as millions of Americans hit the road for the holiday weekend," said Patrick De Haan, head of petroleum analysis at GasBuddy. "While we may see prices decline into this week, the drop could fade soon if oil prices reverse, especially with strong demand over the holiday. For the time being, Americans are spending nearly $100 million per day less on gasoline than when prices peaked a few weeks ago, and that's well-needed relief at a time when gas prices remain near records."

Press release from the Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.90, down 8 cents from last Monday. One year ago, the price was $3.10. The New York State average is $4.96, down 5 cents since last Monday. A year ago, the NYS average was $3.15. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.88 (down 1 cent from last Monday)
• Buffalo - $4.86 (down 3 cents from last Monday)
• Elmira - $4.93 (down 4 cents from last Monday)
• Ithaca - $4.95 (down 3 cents from last Monday)
• Rochester - $4.95 (down 2 cents from last Monday)
• Rome - $4.97 (down 1 cent from last Monday)
• Syracuse - $4.93 (down 3 cents from last Monday)
• Watertown - $4.97 (down 1 cent from last Monday)

Lower oil prices have brought some relief to the pump. Crude prices have dropped amid broad market concern regarding the potential for economic growth to slow or stall due to rising interest rates and inflation. A lower economic growth rate than expected could cause crude demand to decline, leading prices to follow suit. This morning oil prices are at about $108 to $113 per barrel.

Meanwhile, the Energy Information Administration did not release gasoline demand/supply and domestic oil inventory levels data last week due to “systems issues,” but demand is expected to pick up this week as travelers head out for the Independence Day holiday. AAA predicts 47.9 million people will travel 50 miles or more from home over the holiday weekend (June 30 – July 4). This is an increase of 3.7% over 2021, bringing travel volumes just shy of those seen in 2019. The biggest surprise – car travel – will set a new record despite historically high gas prices with 42 million people hitting the road. AAA reminds road trippers and air travelers to pack their patience and plan ahead to avoid hassles.

From Gas Buddy:

"With Independence Day a week away, gas prices have continued to fall for the second straight week as the price of oil has faltered, ushering in the drop we're seeing. The good news is we could also see a third straight week of decline," said Patrick De Haan, head of petroleum analysis at GasBuddy. "While prices will be at their highest July 4th level ever, they'll have fallen close to 20 cents since our peak in early June. Motorists should be wary that while the decline could continue for the week ahead, any sudden jolts to supply could quickly cause a turnaround, and risk remains that when the peak of hurricane season arrives, we could see a super spike at the pump."

Press release the Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.98, down 3 cents from last Monday. One year ago, the price was $3.07. The New York State average is $5.01 (5.008), down 3 cents since last Monday. A year ago, the NYS average was $3.13. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.89 (down 3 cents from last Monday)
• Buffalo - $4.89 (down 1 cent from last Monday)
• Elmira - $4.97 (down 1 cent from last Monday)
• Ithaca - $4.98 (up 1 cent from last Monday)
• Rochester - $4.97 (down 1 cent from last Monday)
• Rome - $4.98 (no change from last Monday)
• Syracuse - $4.96 (down 1 cent from last Monday)
• Watertown - $4.98 (up 2 cents from last Monday)

According to the latest data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased while gasoline demand declined slightly, which limited pump price increases.

Crude prices dropped last week amid broad market concern regarding the potential for slower economic growth after the U.S. Federal Reserve raised the interest rate by 0.75 percent. Slower than expected economic growth could cause crude demand to decline, leading to lower oil prices. This morning oil prices are at about $109 to $113 per barrel. However, as crude oil prices remain volatile, the price per gallon for gasoline will likely remain elevated.

From Gas Buddy:

“Finally some relief! For the first time in nine weeks, gasoline prices have fallen, following a broad sell-off in oil markets last week, pushing the national average back under the $5 level with most states seeing relief at the pump," said Patrick De Haan, head of petroleum analysis at GasBuddy. "I'm hopeful the trend may continue this week, especially as concerns appear to be mounting that we may be on the cusp of an economic slowdown, putting downward pressure on oil. But the coast isn't yet entirely clear. We could see the national average fall another 15 to 30 cents, if we're lucky, by the time fireworks are flying, barring any unexpected shutdowns at a time when the market is extremely sensitive to such."

Press release from Automobile Association of America:

Today’s national average price for a gallon of gasoline is $5.01, up 14 cents from last Monday. One year ago, the price was $3.08. The New York State average is $5.04, up 13 cents since last Monday. A year ago, the NYS average was $3.11. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.92 (up 17 cents from last Monday)
• Buffalo - $4.90 (up 18 cents from last Monday)
• Elmira - $4.98 (up 20 cents from last Monday)
• Ithaca - $4.97 (up 18 cents from last Monday)
• Rochester - $4.98 (up 19 cents from last Monday)
• Rome - $4.98 (up 19 cents from last Monday)
• Syracuse - $4.97 (up 23 cents from last Monday)
• Watertown - $4.96 (up 16 cents from last Monday)

According to the latest data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased while gasoline demand increased as drivers continue to fuel up for the summer driving season, typically a time when gas demand increases. This dynamic between decreased supply and increased demand is contributing to rising prices at the pump. This coupled with increasing crude oil prices means that the price of gas will likely remain elevated for the near future.

This morning oil prices are at about $118 per barrel. Crude prices surged last week in response to global supply concerns amid expected demand increases, particularly as China emerges from lockdowns. As a result, the current storage level is approximately 12 percent lower than a year ago, contributing to rising crude prices.

Locally, prices decreased in early June as the gas tax cap went into effect in New York, but the cap wasn’t enough to offset rising pump prices. Gas prices across the country are increasing rapidly due to high oil prices and increased demand.

From Gas Buddy:

“For the first time ever, last week saw the national average reach the $5 per gallon mark, as nearly every one of the nation's 50 states saw prices jump. For now, the upward momentum may slow down, but prices are still just one potential supply jolt away from heading even higher," said Patrick De Haan, head of petroleum analysis at GasBuddy. "Gasoline demand, while rising seasonally, is still well below previous records, but remains impressive with prices in all states at record levels. Should the rise in price finally start to slow demand, we could see some breathing room, but for now, it seems like Americans are proving resilient to record highs."

Press release from Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.97, up 10 cents since Monday. One year ago, the price was $3.07. The New York State average is $5.01 ($5.009 to be exact), up 13 cents since Monday. A year ago, the NYS average was $3.09. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.90 (up 15 cents since Monday)
• Buffalo - $4.89 (up 17 cents since Monday)
• Elmira - $4.97 (up 19 cents since Monday)
• Ithaca - $4.96 (up 17 cents since Monday)
• Rochester - $4.95 (up 16 cents since Monday)
• Rome - $4.96 (up 17 cents since Monday)
• Syracuse - $4.94 (up 20 cents since Monday)
• Watertown - $4.94 (up 14 cents since Monday)

Motorists are feeling pain at the pump even with the recent New York state gas tax cap. When it went into effect last week, statewide prices did drop initially as nationwide prices increased dramatically. However oil prices continue to increase, and the gas tax relief doesn’t amount to enough to counterbalance the increased price of oil, which has a direct impact on what we pay at the pump for gasoline.

For example, right now oil prices range from $121 to $123 per barrel, up from $120 per barrel on Monday. Oil accounts for at least half of each gallon of gas.

Given that gas taxes make up less than a fifth of the price consumers pay at the pump, removing it offers little margin for price decreases when compared to the other factors that contribute to 85% of the price paid by consumers at the pump. Moreover, when external market and economic factors impact the price of oil, rising crude prices can often play an outsized role in pushing pump prices higher. As a result, the impact of gas tax holiday proposals can be limited because any price reduction from the lack of taxes can be quickly offset by a steady increase in oil prices, which is what we are seeing now.

From Gas Buddy:

The national average price of gas in the U.S. surpassed $5 per gallon today for the first time ever, according to GasBuddy, the leading fuel savings platform saving North American drivers the most money on fuel. This long-anticipated milestone comes behind months of gas price increases across the country, accelerated by the rise in seasonal demand amidst supply constraints borne out of the pandemic.

Gas prices have surged in recent weeks as U.S. gasoline inventories have fallen over 25 million barrels, or over one billion gallons, since the start of March amidst a global decline in refining capacity due to the Covid-19 pandemic and accelerated demand going into the summer. The price of oil has also jumped due to escalations stemming from the Russian war on Ukraine, as countries choke off Russian oil supply via sanctions, pushing supply down at a time of rising demand. In addition, U.S. refining capacity has fallen by some 1 million barrels per day over the last three years. All of these factors have created an environment ripe for a surge in gas prices, while Americans balk at prices but continue filling up as demand has seen little decline.

Press release from the Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.87, up 25 cents from last Monday. One year ago, the price was $3.05. The New York State average is $4.88, down 5 cents since last Monday. A year ago, the NYS average was $3.09. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.75 (down 9 cents from last Monday)
• Buffalo - $4.72 (down 11 cents from last Monday)
• Elmira - $4.78 (down 9 cents from last Monday)
• Ithaca - $4.79 (down 8 cents from last Monday)
• Rochester - $4.79 (down 10 cents from last Monday)
• Rome - $4.79 (down 9 cents from last Monday)
• Syracuse - $4.74 (down 12 cents from last Monday)
• Watertown - $4.80 (down 9 cents from last Monday)

This morning, oil prices are at about $120 per barrel. Crude prices have increased amid supply concerns from the market as the European Union works to implement a 90 percent ban on Russian oil imports by the end of this year. Crude prices were also boosted by increased demand expectations from the market after China lifted COVID-19 restrictions in Shanghai. Additionally, EIA reported that total domestic stocks decreased. As a result, the current storage level is approximately 13.5 percent lower than a year ago, contributing to rising crude prices.

Locally, prices have decreased due to the gas tax cap in New York and additional many counties while prices across the country are increasing rapidly due to high oil prices and increased demand.

From Gas Buddy:

“After a blistering week of gas prices jumping in nearly every town, city, state and area possible, more bad news is on the horizon. It now appears not if, but when, we'll hit that psychologically critical $5 national average," said Patrick De Haan, head of petroleum analysis at GasBuddy. "Gasoline inventories continue to decline even with demand softening due to high prices, a culmination of less refining capacity than we had prior to Covid and strong consumption, a situation that doesn't look to improve drastically anytime soon. Nine states have average gas prices that stand beyond the $5 per gallon mark, with more set to join in the days and weeks ahead. In addition, diesel prices also stand at a record high, a second gut-punch to consumers which pushes prices of most goods higher."

Press release from the Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.62, up 2 cents from last Tuesday. One year ago, the price was $3.05. The New York State average is $4.93, no change since last week. A year ago, the NYS average was $3.08. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.83 (down 1 cent from last Tuesday)
• Buffalo - $4.83 (no change since last Tuesday)
• Elmira - $4.87 (up 2 cents from last Tuesday)
• Ithaca - $4.87 (up 1 cent from last Tuesday)
• Rochester - $4.89 (up 1 cent from last Tuesday)
• Rome - $4.89 (up 2 cents from last Tuesday)
• Syracuse - $4.86 (no change since last Tuesday)
• Watertown - $4.90 (up 1 cent from last Tuesday)

With Memorial Day in the review mirror, motorists are hoping for some relief at the pump. That will depend on oil prices, demand, and geopolitical factors. In a typical year, pump prices peak around Memorial Day and taper off over the summer though summer prices are almost always more expensive than winter prices due to increased demand and summer blend fuel that is more expensive to produce.

This morning, oil prices are over $118 per barrel, which is a significant increase over last week. If oil prices remain elevated, motorists will likely continue to feel pain at the pump.

Meanwhile, the national average for diesel fuel is at $5.52. One year ago the price was $3.19. In New York, the average price for diesel is $6.45. One year ago the price was $3.23.

From Gas Buddy:

“After several weeks of soaring gas prices, last week saw prices nationally slow down ahead of Memorial Day, but I'm afraid the good news ends there," said Patrick De Haan, head of petroleum analysis at GasBuddy. "While gasoline demand has been seasonally soft, the large decline in refining capacity over the last few years has meant that refiners are struggling to produce even lower amounts of refined products. This has lead inventories to struggle to see any gains, boosting concern that they won't be able to catch up. Coupled with continued talk that the EU is still working on sanctioning Russian oil, even though Hungary is a hold out, oil markets are quite on edge. As a result of the continued decline in gasoline inventories in recent weeks, wholesale gas prices surged last week, which will likely boost prices at the pump in short order. Motorists in the Great Lakes could see prices jump early in the week to new record highs, and the rest of the nation will follow. Odds are rising that we'll eventually see the national average reach that dreaded $5 per gallon."

Press release the Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.60, up 12 cents from last week. One year ago, the price was $3.04. The New York State average is $4.93, up 17 cents from last week. A year ago, the NYS average was $3.07. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.82 (up 17 cents from last week)
• Buffalo - $4.82 (up 19 cents from last week)
• Elmira - $4.85 (up 17 cents from last week)
• Ithaca - $4.86 (up 19 cents from last week)
• Rochester - $4.88 (up 18 cents from last week)
• Rome - $4.87 (up 15 cents from last week)
• Syracuse - $4.86 (up 20 cents from last week)
• Watertown - $4.89 (up 18 cents from last week)

Pump prices are inching closer to $5 per gallon across New York as the Memorial Day holiday approaches. AAA research finds that three-quarters (75%) of US adults say they would change their driving habits or lifestyle if the cost of gasoline rises to $5.00 per gallon. Younger and older adults respond to gas price increases the same way.   

According to the latest data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased while gasoline demand increased. Tighter supply and increased demand have pushed pump prices higher.  This supply/demand dynamic, combined with volatile crude prices, will likely continue to keep upward pressure on pump prices.

This morning, oil prices remain over $110 per barrel. Last week, crude prices dropped temporarily over market concerns about the likelihood of a recession. If a recession occurs, crude demand would likely decrease amid slower economic activity. Crude prices then recovered and increased over geopolitical concerns involving Russia and Ukraine.

From Gas Buddy:

“Gasoline prices surged over the last week to new record highs, but have finally started to slow their rise with diesel also finally cooling off," said Patrick De Haan, head of petroleum analysis at GasBuddy. "With more Americans planning to hit the road for Memorial Day this year compared to last, prices will be over $1.50 per gallon higher than last year. Though, prices are appearing to slow down, for now. While the coast isn't clear yet, and prices will be at their highest Memorial Day level ever, I'm hopeful that we could avoid a dreaded national average of $5 per gallon this year. Whether or not we're able to depends on Americans cutting demand in the face of sky-high prices."

Press release from the Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.48, up 15 cents from last week. One year ago, the price was $3.04. The New York State average is $4.76, up 24 cents from last week. A year ago, the NYS average was $3.06. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.65 (up 31 cents from last week)
• Buffalo - $4.63 (up 28 cents from last week)
• Elmira - $4.68 (up 21 cents from last week)
• Ithaca - $4.67 (up 21 cents from last week)
• Rochester - $4.70 (up 27 cents from last week)
• Rome - $4.72 (up 24 cents from last week)
• Syracuse - $4.66 (up 23 cents from last week)
• Watertown - $4.71 (up 25 cents from last week)

Today marks record-high gas prices at the national, state, and local level. According to the latest data from the Energy Information Administration, total domestic gasoline stocks decreased while gasoline demand dropped slightly. Normally a decrease in demand would bring prices down, but oil prices remain volatile.

This morning, oil prices are about $109 per barrel. Crude prices rose overgrowing market worries that Ukrainian and European Union actions against Russian oil-and-natural gas companies could spark retaliation by Russia leading to more market disruption and uncertainty.

Meanwhile, the national average for diesel fuel hit a new record yesterday reaching $5.57. One year ago the price was $3.17. In New York, the average price for diesel is $6.50, which is also a record high set yesterday. One year ago the price was $3.23.

From Gas Buddy:

“Those filling their tanks last week saw another jolt at the pump, as both gasoline and diesel prices continued their multi-week rally," said Patrick De Haan, head of petroleum analysis at GasBuddy. "New records continued to be set on a near-daily basis as the national average edges even closer to $4.50 per gallon. Prices later this week could be closer to $5 per gallon than $4, as demand continues to edge higher and inventories of both gasoline and diesel continue to decline, temperatures warm and motorists get back outside and we near the Memorial Day weekend, the start of the summer driving season. While the increases may start to slow in the days ahead as pump prices catch up to oil, there isn't much reason to be optimistic that we'll see a plunge any time soon."

Press release from the Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.33, up 14 cents from last week. One year ago, the price was $2.96. The New York State average is $4.52, up 17 cents from last week. A year ago, the NYS average was $3.00. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.34 (up 10 cents from last week)
• Buffalo - $4.35 (up 12 cents from last week)
• Elmira - $4.47 (up 18 cents from last week)
• Ithaca - $4.46 (up 18 cents from last week)
• Rochester - $4.43 (up 12 cents from last week)
• Rome - $4.48 (up 16 cents from last week)
• Syracuse - $4.43 (up 14 cents from last week)
• Watertown - $4.46 (up 15 cents from last week)

Gas prices jumped significantly in the past week. According to the latest data from the Energy Information Administration, total domestic gasoline stocks decreased while gasoline demand increased slightly. Increasing gas demand and rising oil prices have pushed pump prices higher.

This morning, oil prices are about $110 per barrel and up. Crude prices rose after the European Union announced a proposal to ban Russian oil imports within six months, while refined product imports would be prohibited by the end of 2022. Countries such as Slovakia have stated they will seek exemptions because they need more time to find alternatives to Russian oil. However, given that global crude supply remains tight, crude prices will likely remain volatile amid the news that supply could get tighter if the ban is implemented.

Meanwhile, the national average for diesel fuel hit a new record today reaching $5.54. One year ago the price was $3.11. In New York, the average price for diesel is $6.38, which is also a record high. One year ago the price was $3.19.

High diesel fuel prices impact businesses that need to transport goods and those that have commercial vehicles like AAA. Nearly all of AAA Western and Central New York’s tow trucks rely on diesel fuel. “To say we’re feeling pain at the pump is an understatement,” said Steve Steinmetz, director of automotive service operations at AAA Western and Central New York. “Prices have literally doubled since last year impacting all towing companies across the state.”

From Gas Buddy:

“Gasoline and diesel prices alike saw strong upward momentum last week as oil prices continued to climb after the EU signaled its desire to sanction Russian oil. In addition, U.S. petroleum inventories saw yet another weekly decline as we near the start of summer driving season," said Patrick De Haan, head of petroleum analysis at GasBuddy. "Not only are diesel prices at a record high, they are at their largest differential to gasoline on record, surpassing the 98-cent difference in 2008 and currently standing at a $1.20 per gallon premium. While motorists filling with gasoline have seen a slight rise in prices, diesel's surge will be a double whammy as diesel prices will soon be passed along to retail channels, further pushing up the cost of goods."

Press release from Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.19, up seven cents from last week. One year ago, the price was $2.90. The New York State average is $4.35, up 12 cents from last week. A year ago, the NYS average was $2.95. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.24 (up 3 cents from last week)
• Buffalo - $4.23 (up 2 cents from last week)
• Elmira - $4.29 (up 8 cents from last week)
• Ithaca - $4.28 (up 7 cents from last week)
• Rochester - $4.31 (up 3 cents from last week)
• Rome - $4.32 (up 7 cents from last week)
• Syracuse - $4.29 (up 5 cents from last week)
• Watertown - $4.31 (up 6 cents from last week)

Gas prices are up across the board this week despite a slight drop in demand. Although lower gas demand would typically push pump prices lower, increasing oil prices and tight gasoline supply have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $100 per barrel.

Crude prices have increased because the current level is approximately 16 percent lower than at the end of April 2021. As supply remains tight and the market remains highly volatile, crude prices will likely continue to fluctuate, pushing pump prices higher.

From Gas Buddy:

“Gasoline prices have continued their rally in the last week with oil prices sustaining higher levels, but the real story has been diesel fuel, which has skyrocketed to its highest level ever seen. Diesel is now $1 per gallon or more in many areas compared to gasoline," said Patrick De Haan, head of petroleum analysis at GasBuddy. "The meteoric rise in diesel prices is likely to continue for the first half of the week at least, while gasoline prices could continue to see a slow but steady rise. For now, the rising cost of diesel will surely be felt in the grocery store, hardware store or on your next flight as jet fuel prices accelerate, leading to a continued rise in inflation likely to ripple across the economy."

Press release from Automobile Club of America:

Today’s national average price for a gallon of gasoline is $4.12, up four cents from last week. One year ago, the price was $2.89. The New York State average is $4.23, up five cents from last week. A year ago, the NYS average was $2.93. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.21 (down 2 cents from last week)
• Buffalo - $4.21 (down 2 cents from last week)
• Elmira - $4.21 (up 8 cents from last week)
• Ithaca - $4.21 (up 2 cents from last week)
• Rochester - $4.28 (up 1 cent from last week)
• Rome - $4.25 (up 3 cents from last week)
• Syracuse - $4.24 (up 3 cents from last week)
• Watertown - $4.25 (up 1 cent from last week)

The recent slide in gas prices appears to be only temporary as pump prices are on the rise again. The national average is up four cents since last week. This morning, oil prices are at about $100 per barrel. The war in Ukraine and fear of less Russian oil entering the market caused the price of crude to creep back up. Meanwhile, data from the Energy Information Administration (EIA) shows that total domestic gasoline stocks decreased while gasoline demand increased.

From Gas Buddy:

“For the first time in over a month, the national average price of gasoline has risen. Primarily, this was due to oil prices that had jumped the prior week, pushing up the price that stations pay for fuel and thus causing them to raise prices," said Patrick De Haan, head of petroleum analysis at GasBuddy. "The rise has been quite tame in most areas, while others have continued to gently decline. But, with the French election now behind us, there is risk that the EU could pursue harsher sanctions on Russia's energy, which could cause oil prices to rise if it happens - something motorists should be on the watch for. In addition, U.S. oil inventories continue to decline, putting additional pressure on prices as the nation's SPR continues to drain and Russia's war on Ukraine remains ongoing. The global imbalance between supply and demand that led to these higher prices continues for the time being."