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."
