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May 3, 2021 - 10:55am

With rise in demand as COVID wanes, analysts foresee $3 a gallon for gas

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

Press release from AAA:

Today’s national average price for a gallon of gasoline is $2.90, up 1 cent from last week. One year ago, the price was $1.78. The New York State average is $2.95 – up 3 cents from last week. A year ago, the NYS average was $2.16.

AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia -- $2.89 (up 1 cent since last week)
  • Buffalo -- $2.88 (up 2 cents since last week)
  • Ithaca -- $2.90 (up 3 cents since last week)
  • Rochester -- $2.91 (up 3 cents since last week)
  • Rome -- $2.97 (up 2 cents since last week)
  • Syracuse -- $2.89 (up 1 cent since last week)
  • Watertown -- $2.97 (up 2 cents since last week)

Gasoline stocks increased in the United States last week and oil prices remain up over $60 per barrel. Prices jumped after OPEC confirmed plans to increase crude production in May. 

From GasBuddy:

"The nation's gas prices perked up again last week as oil prices advanced to fresh multi-year highs on Covid improvements overseas and the switch to summer gasoline, which is basically now complete," said Patrick De Haan, head of petroleum analysis for GasBuddy. "Last week saw the national average hit its highest level in two years, and with continued recovery in gasoline demand, the increase in price is likely to continue into the future.

"Americans may now want to brace themselves for the possibility of a $3/gal national average in the weeks ahead, as demand remains strong as Americans take to the roads. The question going forward is how much demand will continue to recover and rise -- will it lead to record summer gasoline demand? We indeed may see some weeks with new records as Americans get in their cars this summer -- but the question is, how many will do so? That will determine how much higher prices will go."

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