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October 11, 2021 - 9:30am

Gas prices jump seven cents in one week

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

Press release from AAA:

Today’s national average price for a gallon of gasoline is $3.27, up seven cents from last week. One year ago, the price was $2.19. The New York State average is $3.35 – up seven 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 - $3.33 (up seven cents from last week)
  • Buffalo - $3.31 (up eight cents from last week)
  • Ithaca - $3.36 (up eight cents from last week)
  • Rochester - $3.35 (up eight cents from last week)
  • Rome - $3.36 (up six cents from last week)
  • Syracuse - $3.33 (up ten cents from last week)
  • Watertown - $3.27 (up seven cents since last week)

Gasoline demand, the need for more oil production, and the price of crude oil all contribute to the fluctuating gas prices. OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC), and allied countries, chose not to move forward with an agreement to produce more crude oil in November. These factors combined led to an increase in gas prices locally and nationally. High crude prices (touching $78 per barrel) are keeping pump prices elevated.

From Gas Buddy:

"Last week saw oil prices advance to their highest in seven years, with a barrel of West Texas Intermediate crude oil surpassing the critical $80 per barrel level. The nation's gas prices were also pushed to their highest since 2014, all on OPEC's decision not to raise production more than it already agreed to in July," said Patrick De Haan, head of petroleum analysis for GasBuddy. "The OPEC decision caused an immediate reaction in oil prices, and amidst what is turning into a global energy crunch, motorists are now spending over $400 million more on gasoline every single day than they were just a year ago. The problems continue to relate to a surge in demand as the global economy recovers, combined with deep cuts to production from early in the pandemic. If Americans can’t slow their appetite for fuels, we've got no place for prices to go but up."

 

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