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April 22, 2019 - 10:32am

Tighter supply, increased demand expected to push up gas prices

posted by Howard B. Owens in gas prices, news.

Press release from AAA: 

Today’s national average price for a gallon of gasoline is $2.84, up only 1 cent from last week. One year ago, the price was $2.76. The New York State average is $2.89 – up 6 cents from last week and the same as a year ago. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $2.78 (no change since last week)
  • Buffalo - $2.81 (up 4 cents since last week)
  • Ithaca - $2.84 (up 4 cents since last week)
  • Rochester - $2.82 (up 2 cents since last week)
  • Rome - $2.84 (up 4 cents since last week)
  • Syracuse - $2.81 (up 3 cents since last week)
  • Watertown - $2.87 (up 4 cents since last week)

Demand: While some travelers headed out on Easter road trips, others were returning – leading to an increase in demand. AAA expects peak prices for the year to be around Memorial Day weekend.

Inventory: Should crude oil and gasoline stocks continue to drop and supplies tighten, then drivers could see gas prices continue to rise in the coming weeks.

Oil Prices/OPEC: Oil prices have increased this week as political unrest in Libya, U.S. sanctions on Iran and Venezuela and OPEC’s reduced production contribute to tightening global crude oil supplies. Market watchers will continue to keep an eye on crude oil availability as OPEC members gear up to meet June 25-26 in Vienna to decide on the production agreement's future.

jeff saquella
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It's all a bunch of horse crap. Why does opec reduce production every approaching summer? It's all just greed...cant tell me different

Daniel Norstrand
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Trump and his henchmen are squeezing Venezuela and Iran out of the oil market. Those countries are 2 of the largest oil reserves on earth and if allowed to grow their markets, the price of gas would be a dollar or less. The greed you mention Jeff, is very real, and wall street and their puppet minions in congress and the press are very accommodating to the warmongering, psychopaths who finger those puppets, and their greed for power. We have seen the enemy! And he is us.

John Roach
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Jeff, while nobody likes to pay high gas prices, tell us why OPEC should not try to get the highest price they can for their own product (oil)? We have lots of oil, but we are not allowed to drill for it, so who's fault is that?

Howard B. Owens
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The U.S. now exports more oil and fuel than it imports

https://www.reuters.com/article/us-usa-oil-eia/in-major-shift-us-now-exp...

Daniel Norstrand
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Per usual, the U.S is a leader in the wrong direction. Instead of sullying our country sides, air, and aquifers mucking for oil, we could be leading ithe switch to renewable technologies. But too many Americans will never find fault with their nanny.... state.

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