gas prices

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."

Press Release from the Automobile Club of America:

Today’s national average price for a gallon of gasoline is $4.11, down 8 cents change from last week. One year ago, the price was $2.86. The New York State average is 4.22, down 7 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 - $4.28 (down 4 cents from last week)
• Buffalo - $4.28 (down 5 cents from last week)
• Elmira - $4.17 (down 4 cents from last week)
• Ithaca - $4.21 (down 4 cents from last week)
• Rochester - $4.30 (down 5 cents from last week)
• Rome - $4.24 (down 2 cents from last week)
• Syracuse - $4.25 (down 3 cents from last week)
• Watertown - $4.28 (down 4 cents from last week)

In the past week, the national average for a gallon of regular gasoline has decreased by eight cents. According to data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased while gasoline demand increased from 8.5 million barrels per day to 8.56 million. Although supply and demand factors would have typically supported elevated pump prices, the fluctuating price of oil continues to be the main factor influencing pump prices. Pump prices will likely face downward pressure if oil prices remain below $100 per barrel. 

This morning, oil prices are hovering right around the $100 per barrel mark. They dropped after domestic crude stocks increased in the past week by 2.5 million barrels. Additionally, crude prices faced more downward pressure this week after the International Energy Agency’s (IEA) 31 member countries, including Mexico, Japan, Germany, and Canada, announced plans to release 120 million barrels of crude oil from their emergency oil stockpiles. The amount includes a previously announced 60 million barrels of oil from the U.S.  It would be the second coordinated release in just over a month in response to spiking oil prices after Russia invaded Ukraine. The announcement has helped ease some supply concerns, pushing crude prices lower.

From Gas Buddy:

“Gas prices have continued to move in the right direction - down- saving Americans approximately $100 million every day compared to when prices peaked about a month ago. And, more good news is on the horizon: the national average this week will likely fall back under the critical $4 per gallon mark," said Patrick De Haan, head of petroleum analysis at GasBuddy. "It remains possible that gas prices may have hit their 2022 peak, barring the typical caveats like the Russia war on Ukraine, the economy, hurricane season and Covid don't take drastic and unexpected turns. Diesel prices are also falling and are likely to go back under the $5 per gallon average this week. The situation, for now, continues to show signs of improving, with the national average falling back into the $3 range as early as this week."

Press release from Automobile Club of America:

Today’s national average price for a gallon of gasoline is $4.19, down 6 cents change from last week. One year ago, the price was $2.87. The New York State average is 4.29, down 6 cents from last week. A year ago, the NYS average was $2.90. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.32 (down 4 cents from last week)
• Buffalo - $4.33 (down 3 cents from last week)
• Elmira - $4.21 (down 4 cents from last week)
• Ithaca - $4.25 (down 7 cents from last week)
• Rochester - $4.35 (down 3 cents from last week)
• Rome - $4.26 (down 2 cents from last week)
• Syracuse - $4.28 (down 3 cents from last week)
• Watertown - $4.32 (down 3 cents from last week)

In the past week, the national average for a gallon of regular gasoline has decreased by six cents. According to data from the Energy Information Administration (EIA), total domestic gasoline stocks increased while gasoline demand decreased from 8.63 million barrels per day to 8.5 million. The drop in gas demand, alongside growth in total stocks, contributes to price decreases. If demand continues to decline as gasoline stocks continue to build, the national average will likely continue to move lower.

This morning, oil prices are hovering right around the $100 per barrel mark. They dropped after news that the U.S. will release one million barrels of oil per day from the Strategic Petroleum Reserve. While the pump price impact will be determined by the exact amount of oil purchased in the market and the duration of the daily releases, some reports have noted that releases could last for up to 180 days. If the releases occurred for that long, the market would likely see downward pressure on oil prices. However, the global oil market remains highly volatile, so additional news that threatens supply could put upward pressure on oil prices.

From Gas Buddy:

“Oil prices fell last week as Covid cases in China surged, prompting restrictions on movements and hurting oil demand. Meanwhile, President Biden's announcement that the U.S. would be releasing 180 million barrels from the Strategic Petroleum Reserve caused an even further decline in oil, leading gas prices in nearly all areas of the country to fall over the last week," said Patrick De Haan, head of petroleum analysis at GasBuddy. "So long as oil prices remain under $100 per barrel and there is no escalations in Russia's war on Ukraine, we may be poised to see gas prices decline again this week as the U.S. and other countries try to raise oil supply to tip prices lower."

Press release from Automobile Club of America:

Today’s national average price for a gallon of gasoline is $4.25, no change from last week. One year ago, the price was $2.86. The New York State average is 4.35, down 2 cents from last week. A year ago, the NYS average was $2.91. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.36 (up 1 cent from last week)
• Buffalo - $4.36 (down 1 cent from last week)
• Elmira - $4.25 (down 6 cents from last week)
• Ithaca - $4.32 (down 1 cent from last week)
• Rochester - $4.38 (no change from last week)
• Rome - $4.28 (down 2 cents from last week)
• Syracuse - $4.31 (down 2 cents from last week)
• Watertown - $4.35 (up 1 cent from last week)

Data from the Energy Information Administration (EIA) shows that total domestic gasoline stocks are down along with gasoline demand. The drop in demand is offset by an increase oil prices leading to price fluctuations. If oil prices continue to rise, pump prices will likely follow suit, reversing course from the downward trend.  

Oil prices remain over $100 per barrel. EIA reports that total domestic crude stocks are down 18 percent compared to one year ago. The current inventory level highlights tightness in the market, contributing to higher prices.

From Gas Buddy:

“The decline we've seen in average gas prices has been slowing down, as oil prices have held above $100 after declining under that level as recently as a few weeks ago. For the near future, we’ll see a mix of slight decreases and some potential increases mixed in. California markets should finally cool off and areas could even move lower in Southern California, while the Great Lakes could see gas prices jump up after having fallen for the last week or so," said Patrick De Haan, head of petroleum analysis at GasBuddy. "While the national average should start to stabilize for the time being, there's no telling what's around the corner, at least for now, as the volatility in oil prices persists."

Press release from Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.25, down 8 cents from last week. One year ago, the price was $2.88. The New York State average is 4.37, down 8 cents from last week. A year ago, the NYS average was $2.92. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.35 (down 3 cents from last week)
• Buffalo - $4.37 (down 3 cents from last week)
• Elmira - $4.31 (down 10 cents from last week)
• Ithaca - $4.33 (down 11 cents from last week)
• Rochester - $4.38 (down 4 cents from last week)
• Rome - $4.30 (down 10 cents from last week)
• Syracuse - $4.33 (down 9 cents from last week)
• Watertown - $4.34 (down 7 cents from last week)

Drivers are getting a bit of relief at the pump as gas prices are down across the region. Oil prices are near $110 per barrel this morning rather than over $130 two weeks ago. In August, oil prices were $30 per barrel. Oil prices dropped last week when China announced COVID-19 lockdowns last week.

From Gas Buddy:

“GasBuddy, last week, predicted that a top was in for the national average price of gasoline, and indeed, for the first time in 12 weeks, the national average price of gasoline has declined. While the decline is still subject to changes in global supply and demand, Covid and Russia's war on Ukraine, we are poised to see additional downdrafts at the pump this week in most areas," said Patrick De Haan, head of petroleum analysis at GasBuddy. "For now, gasoline demand has shown absolutely no signs of buckling under the pressure of higher prices, even as California nears an average of $6 per gallon, with spring break travel well underway. If the situation does worsen, with more oil being kept away from global markets, it's not impossible that gas prices would still have to climb a considerable amount for Americans to start curbing their insatiable demand for gasoline."

Press release from Automobile Club of America:

Today’s national average price for a gallon of gasoline is $4.33 ($4.325), up 26 cents from last week. One year ago, the price was $2.86. The New York State average is 4.45, up 19 cents from last week. A year ago, the NYS average was $2.90. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.38 (up 15 cents from last week)
• Buffalo - $4.40 (up 19 cents from last week)
• Elmira - $4.41 (up 22 cents from last week)
• Ithaca - $4.44 (up 22 cents from last week)
• Rochester - $4.42 (up 18 cents from last week)
• Rome - $4.40 (up 18 cents from last week)
• Syracuse - $4.42 (up 18 cents from last week)
• Watertown - $4.41 (up 16 cents from last week)

It appears as though oil prices have tapered off – this morning prices are $110 per barrel and under rather than over $130 one week ago. In August, oil prices were $30 per barrel. At one point during the pandemic, they were below zero, in negative territory. Oil prices have a direct impact on gas prices.

New survey data from AAA finds that two-thirds of Americans felt gas prices were too expensive just a few weeks ago at $3.53 per gallon. Now with the national average at an all-time high of over $4, Americans may have reached a tipping point. Over half (59%) said they would make changes to their driving habits or lifestyle if the cost of gas rose to $4 per gallon. If gas were to reach $5.00, which it has in some parts of the country, three-quarters said they would need to adjust their lifestyle to offset the spike at the pump.

From Gas Buddy:

“After a furious increase in the national average over the last two weeks, the top appears to be in with average gas prices slowly starting to decline over the last few days,” said Patrick De Haan, head of petroleum analysts at GasBuddy. “While the decrease could be short-lived, it is nonetheless a well-needed break from the large surge in gas prices we've experienced over the last few weeks. The situation remains fluid, and escalations remain very possible, if not likely. For now, a $4.50 per gallon national average is off the table, but it certainly could be a future possibility as long as there is conflict between Russia and Ukraine.”

Press release the Automobile Association of America:

On March 8, we set a new record for the highest average gas prices ever recorded at the local, state, and national level. March 8 prices surpassed the highest prices previously set during the recession in July of 2008.

Today, on March 9, prices continue to increase.

Today’s national average price for a gallon of gasoline is $4.25, up 8 cents since yesterday. One year ago, the price was $2.80. The New York State average is 4.43, up 6 cents from yesterday. A year ago, the NYS average was $2.85. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.35 (up 6 cents from yesterday)
• Buffalo - $4.37 (up 7 cents from yesterday)
• Ithaca - $4.38 (up 3 cents from yesterday)
• Rochester - $4.38 (up 5 cents from yesterday)
• Rome - $4.41 (up 6 cents from yesterday)
• Syracuse - $4.39 (up 5 cents from yesterday)
• Watertown - $4.40 (up 5 cents from yesterday)

You can check daily prices at: https://gasprices.aaa.com/.

This morning, oil prices are over $120 per barrel.

 

Press release from Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.07, up 46 cents from last week. One year ago, the price was $2.77. The New York State average is 4.26, up 46 cents from last week. A year ago, the NYS average was $2.83. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $4.23 (up 48 cents from last week)
• Buffalo - $4.21 (up 46 cents from last week)
• Ithaca - $4.22 (up 41 cents from last week)
• Rochester - $4.24 (up 45 cents from last week)
• Rome - $4.22 (up 44 cents from last week)
• Syracuse - $4.24 (up 49 cents from last week)
• Watertown - $4.25 (up 46 cents from last week)

According to oilprice.com, the United States has confirmed that it is in talks with European allies to potentially sanction Russian crude oil in response to Moscow's ongoing aggression in Ukraine – that sent oil prices over $130. This morning, oil prices are more than $124 per barrel – in August, oil prices were $30 per barrel. At one point during the pandemic they were below zero, in negative territory.

From Gas Buddy:

“There are few words to describe the unprecedented rise in gasoline prices over the last week, with massive spikes coast to coast in both gasoline and diesel prices, as oil prices jump to their highest since 2008. Forget the $4 per gallon mark, the nation will soon set new all-time record highs and we could push closer to a national average of $4.50/gal. California could be heading for $5.50 per gallon with more stations charging $6 and beyond," said Patrick De Haan, head of petroleum analysis at GasBuddy. "We've never been in this situation before, with this level of uncertainty. As we lose a major global producer under the weight of deserving bipartisan sanctions for invading a sovereign country, the cost is high. Americans will be feeling the pain of the rise in prices for quite some time, with little good news foreseen."

Press release from AAA:

Today’s national average price for a gallon of gasoline is $3.61, up eight cents from last week. One year ago, the price was $2.72. The New York State average is $3.80, up five cents from last week. A year ago, the NYS average was $2.78. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $3.75 (up seven cents from last week)
• Buffalo - $3.75 (up five cents from last week)
• Ithaca - $3.81 (up five cents from last week)
• Rochester - $3.79 (up four cents from last week)
• Rome - $3.80 (up four cents from last week)
• Syracuse - $3.75 (up four cents from last week)
• Watertown - $3.79 (up six cents from last week)

Demand for gasoline increased last week as many families traveled for February break. An increase in gas demand, alongside a reduction in total supply, is contributing to price increases, but increasing oil prices continue to play a leading role in pushing prices higher. Pump prices will likely continue to rise as crude prices continue to climb. 

This morning oil prices remain elevated. Crude prices surged after Russia launched its military invasion of Ukraine. As the conflict escalates with more sanctions and retaliatory actions, the oil markets will likely respond by continuing to increase the price of crude oil to reflect more risk of disruption to tight global oil supplies. Additionally, EIA reported that the total domestic crude stock level is approximately 10 percent lower than mid-February 2021, contributing to pressure on domestic crude prices.

From Gas Buddy:

“The Russian invasion of Ukraine has sparked high-level concern that oil production could eventually be stifled, or even sanctioned, from the world's second-largest oil producer, leading to less supply as demand grows. That possibility has pushed up the national average price of gasoline considerably in the last week, and the situation could worsen at any time, keeping gas prices elevated for the foreseeable future," said Patrick De Haan, head of petroleum analysis at GasBuddy. "In addition to the unstable situation with the Russian invasion, we're also entering the time of year that seasonality pushes gasoline prices up by anywhere from 25 to 75 cents by Memorial Day. It's simply looking like a perfect storm for motorists at the pump, with little to no relief anytime soon."

Press release from AAA:

Today’s national average price for a gallon of gasoline is $3.53, up four cents from last week. One year ago, the price was $2.63. The New York State average is $3.75, up seven cents from last week. A year ago, the NYS average was $2.69. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $3.68 (up eight cents from last week)
• Buffalo - $3.70 (up eight cents from last week)
• Ithaca - $3.76 (up eight cents from last week)
• Rochester - $3.75 (up nine cents from last week)
• Rome - $3.76 (up six cents from last week)
• Syracuse - $3.71 (up seven cents from last week)
• Watertown - $3.73 (up seven cents from last week)

According to the Energy Information Administration (EIA), total domestic gasoline stocks decreased while gasoline demand also decreased. Typically, a decrease in gas demand during winter would put downward pressure on pump prices, but elevated crude prices continue to push pump prices higher. Pump prices will likely rise if crude prices continue to climb. Oil prices remain over $90 per barrel this morning. Tension between Russia and Ukraine continues to be a factor in 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.

From Gas Buddy:

"With tensions still very high that Russia may invade Ukraine, gasoline prices kept moving higher, tugged by the rising price of oil as the market concentrates on possible outcomes from the situation that could affect global oil production amidst recovering demand," said Patrick De Haan, head of petroleum analysis for GasBuddy. "However, with nuclear talks between Iran and global powers ongoing in Vienna, the possibility exists that a new deal could bring Iran's crude oil supply back to legitimate markets, helping to ease a slight portion of supply concerns. While the proposition remains in the air for the time being, we're also just a few weeks away from the traditional start of the spring surge in gasoline prices, brought on by the change to summer gasoline, seasonal maintenance at refineries and rising demand. The weeks ahead could be rather ugly with rising prices, especially if Russia pursues a strong-arm invasion of Ukraine."

Press release from AAA:

Today’s national average price for a gallon of gasoline is $3.49, up five cents from last week. One year ago, the price was $2.51. The New York State average is $3.68, up nine cents from last week. A year ago, the NYS average was $2.60. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $3.60 (up eight cents from last week)
• Buffalo - $3.62 (up nine cents from last week)
• Ithaca - $3.68 (up ten cents from last week)
• Rochester - $3.66 (up eight cents from last week)
• Rome - $3.70 (up seven cents from last week)
• Syracuse - $3.64 (up nine cents from last week)
• Watertown - $3.66 (up eight cents from last week)

According to the Energy Information Administration (EIA), total domestic gasoline stocks decreased while gasoline demand increased. A decrease in total stocks and an increase in demand have contributed to upward pressure on pump prices, but rising crude prices continue to play a dominant role in pushing pump prices higher. Pump prices will likely continue to follow suit as demand grows and stocks decrease if crude prices continue to climb.

Oil prices are well over $90 per barrel this morning. 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. Additionally, EIA reports that total domestic crude stocks decreased recently. The current stock level is approximately 13 percent lower than at the beginning of February 2021, contributing to pressure on domestic crude prices.

From Gas Buddy:

"The jump in gasoline prices has continued unabated as oil prices continue to push higher, reaching $94 per barrel last week on continued concern over the possible imminent threat that Russia may invade Ukraine," said Patrick De Haan, head of petroleum analysis at GasBuddy. "Not only are oil prices up, but the bulk of the nation is starting the multi-month transition to summer gasoline, further adding to the rise at the pump. In addition, cold weather in Texas last week caused some power outages at major refineries, further weighing on markets. I see no other potentials in the short term but additional price increases unless Russia does an about-face on Ukraine. Even then, we'll still see seasonality push prices up, so motorists should be ready to dig deeper."

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."

Press release from AAA:

Today’s national average price for a gallon of gasoline is $3.37, up four cents from last week. One year ago, the price was $2.42. The New York State average is $3.55, up five cents from last week. A year ago, the NYS average was $2.51. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $3.51 (up eight cents from last week)
• Buffalo - $3.49 (up four cents from last week)
• Ithaca - $3.54 (up five cents from last week)
• Rochester - $3.55 (up five cents from last week)
• Rome - $3.58 (up five cents from last week)
• Syracuse - $3.51 (up four cents from last week)
• Watertown - $3.54 (up two cents from last week)

According to the Energy Information Administration (EIA), gasoline demand is in a typical range for the winter driving season, equivalent to mid-January 2020. Continued growth in the price of crude oil has helped to keep pump prices elevated. If crude prices continue to climb, pump prices will likely follow suit. This morning, oil prices are in the high $80s to low $90s per barrel. Tension between Russia and Ukraine pushed crude prices up last week. Amid tight global supply, there are market concerns that a looming invasion could contribute to a volatile market, pushing prices higher.

From Gas Buddy:

“The price of oil pushed into territory unseen in over seven years as WTI crude hit $88 per barrel, which continues to drag gasoline prices higher. With continued concerns over geopolitical tensions and crude oil supply, the small yet noticeable increases are likely to continue," said Patrick De Haan, head of petroleum analysis at GasBuddy. "The only factor keeping gas prices from rising more substantially is that gasoline demand remains low as winter storms keep motorists closer to home. Once the weather starts to turn and warm gradually, we'll lose the only restraint to larger price increases."

Press release from AAA:

Today’s national average price for a gallon of gasoline is $3.33, up two cents from last week. One year ago, the price was $2.40. The New York State average is $3.50, up two cents from last week. A year ago, the NYS average was $2.49. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $3.43 (down one cent from last week)
• Buffalo - $3.45 (up one cent from last week)
• Ithaca - $3.49 (no change from last week)
• Rochester - $3.50 (up one cent from last week)
• Rome - $3.53 (up one cent from last week)
• Syracuse - $3.47 (up one cent from last week)
• Watertown - $3.52 (up two cents from last week)

According to the Energy Information Administration (EIA), gasoline demand rose slightly. The small increase still puts gas demand in a typical range for the winter driving season. Typically, pump prices decline in January due to low gas demand and a rise in total stocks, but continued growth in the price of crude oil has helped to elevate pump prices. As crude prices continue to climb, pump prices will likely follow suit.

From Gas Buddy:

“With oil prices remaining elevated, average gas prices inched up in most states over the last week even as gasoline demand weakened, a testament to how concerned oil markets are with unrest in oil-producing nations. With all eyes on the Russia/Ukraine situation, oil will likely remain north of $80 per barrel, with additional volatility. Prices could rise even more significantly if there is any further deterioration in the situation," said Patrick De Haan, head of petroleum analysis at GasBuddy. "For now, I don't expect any immediate fireworks at the pump, but the trend of rising gas prices will likely persist as worries continue to overpower weak global consumption."

Press release from AAA: 

Today’s national average price for a gallon of gasoline is $3.31, up one cent from last week. One year ago, the price was $2.39. The New York State average is $3.48, no change from last week. A year ago, the NYS average was $2.47. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $3.44 (up two cents from last week)
• Buffalo - $3.44 (down one cent from last week)
• Ithaca - $3.49 (no change from last week)
• Rochester - $3.49 (no change from last week)
• Rome - $3.52 (no change from last week)
• Syracuse - $3.46 (no change from last week)
• Watertown - $3.50 (no change from last week)

After holding steady most of last week, the national average for a gallon of regular gasoline increased by one cent to $3.31. According to the latest data from the Energy Information Administration (EIA), total domestic gasoline stocks rose while gasoline demand decreased. Winter weather and the COVID-19 omicron variant are the likely culprits behind this demand dip. Typically, pump prices decline amid lower gas demand and a rise in total stocks, but continued growth in the price of crude oil has helped to elevate pump prices. Crude prices are back in the mid $80 per barrel range. As crude prices continue to climb, pump prices will likely follow suit.

Press release from AAA:

Today’s national average price for a gallon of gasoline is $3.30, up one cent from last week. One year ago, the price was $2.31. The New York State average is $3.48, down one cent from last week. A year ago, the NYS average was $2.39. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $3.42 (down two cents from last week)
• Buffalo - $3.45 (no change from last week)
• Ithaca - $3.49 (no change from last week)
• Rochester - $3.49 (down one cent from last week)
• Rome - $3.52 (no change from last week)
• Syracuse - $3.46i (up one cent from last week)
• Watertown - $3.50 (no change from last week)

There’s no relief at the pump due to rising oil prices, which are back in the $80 per barrel territory. Last week, crude prices increased after the Energy Information Administration reported that total domestic crude stocks decreased. The current stock level is approximately 14 percent lower than at the end of December 2020, contributing to pressure on domestic crude prices. Additionally, a decision earlier last week by OPEC+ to maintain its crude production increases, starting in February 2022, also helped to bolster crude prices.

From Gas Buddy:

"Oil prices have remained stubbornly strong, touching nearly $80 per barrel last week, pushing gasoline prices higher even as U.S. gasoline demand starts to struggle. Some of this is typical seasonal weakness, but the lack of demand is likely enhanced by omicron cases surging and Americans who are just a bit more hesitant to get out right now," said Patrick De Haan, head of petroleum analysis for GasBuddy. "In addition, unrest in Kazakhstan, the 18th largest oil producer, is likely leading to impacts on oil production, while continued unrest in Libya also worries markets and overpowers the seasonal drop in gasoline demand. Without improvement or stability in oil producing countries, we're likely to continue to see upward pressure on oil prices."

Press release from AAA: 

Today’s national average price for a gallon of gasoline is $3.29, no change from last week. One year ago, the price was $2.26. The New York State average is $3.49, down one cent from last week. A year ago, the NYS average was $2.33. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $3.44 (down two cents from last week)
• Buffalo - $3.45 (no change from last week)
• Ithaca - $3.49 (down one cent from last week)
• Rochester - $3.50 (no change from last week)
• Rome - $3.52 (no change from last week)
• Syracuse - $3.45 (down one cent from last week)
• Watertown - $3.50 (no change from last week)

Gas prices are starting out the year much higher than one year ago. The national average is $1.03 higher than a year ago, while New York’s average price is $3.49, $1.16 more than one year ago. January typically brings the cheapest prices of the year due to low demand, so motorists could see some relief. That depends on many factors including oil prices, which have a direct impact on pump prices. This morning, oil prices are up about $20 more per barrel compared to one year ago.

Here’s a look at gas prices at the start of the new year (January 1-3) recently:

National Gas Price Averages at the Start of Each New Year

2017

2018

2019

2020

2021

2022

 

$2.35

$2.49

$2.25

$2.58

$2.26

$3.29

 

From Gas Buddy:

"After a pretty long run of falling gas prices, we've seen things stabilize. Oil prices have started to rise as omicron hasn't been as severe as initially feared, leading to optimism that perhaps oil demand will start to rise in the weeks ahead as cases will eventually plateau," said Patrick De Haan, head of petroleum analysis for GasBuddy. "In addition, Great Lakes states were expected to see a price hike last week, but the hike hasn't happened just yet, leading me to believe it will occur in short order this week and send the national average higher. For the rest of the nation, with oil near $76 per barrel, we will likely see gas price decreases replaced by minor price increases."

Press release from AAA: 

Today’s national average price for a gallon of gasoline is $3.29, down two cents from last week. One year ago, the price was $2.25. The New York State average is $3.50, down one cent from last week. A year ago, the NYS average was $2.32. AAA Western and Central New York (AAA WCNY) reports the following averages from last week:)

• Buffalo - $3.45 (down one cent from last week)
• Ithaca - $3.50 (no change from last week)
• Rochester - $3.50 (down one cent from last week)
• Rome - $3.52 (down one cent from last week)
• Syracuse - $3.46 (down one cent from last week)
• Watertown - $3.50 (down four cents from last week)

Despite increased demand with holiday travelers, national gas prices are down two cents from last week. Oil prices are now fluctuating in the $70s, and if oil prices go up, gas prices usually follow. January typically brings the cheapest prices of the year with a drop in demand amid winter weather.

From Gas Buddy:

"Nearly every state saw average gasoline prices decline last week as millions of Americans took to the road for holiday travel, with the national average now nearly 20 cents per gallon lower than in early November. While the fall in prices is welcomed, we set an ugly new record for the holiday- it was the most expensive Christmas Day we've ever seen by two tenths of a penny," said Patrick De Haan, head of petroleum analysis for GasBuddy. "The average on Christmas was $3.264 per gallon, just a fraction of a penny higher than Christmas Day 2013 which saw the national average at $3.262 per gallon. Motorists shouldn't get too worked up about it - the downward direction in gas prices should persist into this week in most areas. However, gas prices are likely to jump in the Great Lakes due to a behavior called price cycling, caused by a rise in the wholesale price of gasoline against a backdrop of prices in the region that have now fallen under replacement cost. This will trigger a likely jump in gas prices in Michigan, Indiana, Ohio, Illinois and Kentucky very soon."

Press release:

Today’s national average price for a gallon of gasoline is $3.31, down two cents from last week. One year ago, the price was $2.22. The New York State average is $3.51, down one cent from last week. A year ago, the NYS average was $2.30. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $3.46 (down one cent from last week)
• Buffalo - $3.46 (no change from last week)
• Ithaca - $3.50 (no change from last week)
• Rochester - $3.51 (no change from last week)
• Rome - $3.53 (down one cent from last week)
• Syracuse - $3.47 (down one cent from last week)
• Watertown - $3.54 (down one cent from last week)

Since Monday, the national average for a gallon of regular gasoline has decreased by two cents to $3.31. According to the Energy Information Administration (EIA), total domestic gasoline stocks are down while demand is on the rise. Typically, growing demand and tight supply would result in rising pump prices, but fluctuations in the price of crude oil have helped to put downward pressure on prices. This morning, oil prices are below $70 per barrel. Gasoline demand will likely increase with holiday travel and then drop in January when we typically see the cheapest prices of the year.

From Gas Buddy:

"For yet another week, average gasoline prices continue to fall as omicron cases surge, leading oil demand, and thus oil prices, to stall. The decline in gas prices will likely continue until new Covid cases slow down," said Patrick De Haan, head of petroleum analysis for GasBuddy. "With gas prices very likely to continue declining this week in most states, we may see Christmas gas prices fall just under their all-time high on the holiday, which was $3.26 in 2013. Beyond Christmas, with omicron cases likely to continue climbing, I do believe we'll see a more noticeable hit on gasoline demand once the holidays are over. There's a rising likelihood that we won't see gas prices rising for the rest of the year- with one caveat- gas prices in the Great Lakes states have plummeted by 30 to 50 cents in some areas, and stations in those areas may raise prices slightly should oil prices slow their decline. Aside from those areas, declines at the pump are likely to continue as we close out 2021."

Press release from AAA:

Today’s national average price for a gallon of gasoline is $3.33, down three cents from last week. One year ago, the price was $2.16. The New York State average is $3.52, down two cents from last week. A year ago, the NYS average was $2.26. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $3.47 (up one cent from last week)
• Buffalo - $3.46 (no change from last week)
• Ithaca - $3.50 (down one cent from last week)
• Rochester - $3.51 (down one cent from last week)
• Rome - $3.54 (down two cents from last week)
• Syracuse - $3.48 (down one cent from last week)
• Watertown - $3.55 (down three cents from last week)

Pump prices continue to drop slightly at the national level over the past week. A week ago, oil prices dropped into the mid $60 per barrel territory - a price not seen since August. Today, they are in the $70s. Lower oil prices and OPEC’s decision not to cut production played a role in the price decrease. Concerns over a potential COVID-19 induced economic slowdown also contributed, along with a slight decrease in demand. Year-end holiday travel should push demand up beginning next week.