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May 16, 2022 - 8:56am

Average local gas prices up 31 cents

posted by Press Release in gas prices, news.

Press release from the Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.48, up 15 cents from last week. One year ago, the price was $3.04. The New York State average is $4.76, up 24 cents from last week. A year ago, the NYS average was $3.06. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $4.65 (up 31 cents from last week)
  • Buffalo - $4.63 (up 28 cents from last week)
  • Elmira - $4.68 (up 21 cents from last week)
  • Ithaca - $4.67 (up 21 cents from last week)
  • Rochester - $4.70 (up 27 cents from last week)
  • Rome - $4.72 (up 24 cents from last week)
  • Syracuse - $4.66 (up 23 cents from last week)
  • Watertown - $4.71 (up 25 cents from last week)

Today marks record-high gas prices at the national, state, and local level. According to the latest data from the Energy Information Administration, total domestic gasoline stocks decreased while gasoline demand dropped slightly. Normally a decrease in demand would bring prices down, but oil prices remain volatile.

This morning, oil prices are about $109 per barrel. Crude prices rose overgrowing market worries that Ukrainian and European Union actions against Russian oil-and-natural gas companies could spark retaliation by Russia leading to more market disruption and uncertainty.

Meanwhile, the national average for diesel fuel hit a new record yesterday reaching $5.57. One year ago the price was $3.17. In New York, the average price for diesel is $6.50, which is also a record high set yesterday. One year ago the price was $3.23.

From Gas Buddy:

“Those filling their tanks last week saw another jolt at the pump, as both gasoline and diesel prices continued their multi-week rally," said Patrick De Haan, head of petroleum analysis at GasBuddy. "New records continued to be set on a near-daily basis as the national average edges even closer to $4.50 per gallon. Prices later this week could be closer to $5 per gallon than $4, as demand continues to edge higher and inventories of both gasoline and diesel continue to decline, temperatures warm and motorists get back outside and we near the Memorial Day weekend, the start of the summer driving season. While the increases may start to slow in the days ahead as pump prices catch up to oil, there isn't much reason to be optimistic that we'll see a plunge any time soon."

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