Press release from AAA:
Today’s national average price for a gallon of gasoline is $2.42, up 2 cents from last week. One year ago, the price was $2.48. The New York State average is $2.51 – up 2 cents from last week. A year ago, the NYS average was $2.66.
AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia -- $2.39 (up 1 cent since last week)
- Buffalo -- $2.43 (up 1 cent since last week)
- Ithaca -- $2.47 (no change since last week)
- Rochester -- $2.46 (up 1 cent since last week)
- Rome -- $2.53 (up 2 cents since last week)
- Syracuse -- $2.43 (up 1 cent since last week)
- Watertown -- $2.54 (up 2 cents since last week)
The national average for a gallon of regular gasoline is now $2.42, only 6 cents less than last year at this time. Local prices still have a larger disparity compared to last year. Pump prices are increasing while gas demand is dropping, according to data from the Energy Information Administration (EIA). Although gas demand dropped, and total refinery utilization decreased, pump prices have increased moderately, signaling that expensive crude oil prices are driving the price.
As of this morning, WTI crude is priced over $52 a barrel. Recently market concerns signaled that crude demand may take more time than expected to recover this year due to new coronavirus infections and associated travel restrictions.
From GasBuddy:
"Gas price increases continue to slow down as oil prices fail to continue moving upward, even as gasoline demand continues to show new signs of improving recovery," said Patrick De Haan, head of petroleum analysis for GasBuddy. "According to Pay with GasBuddy data, Friday gasoline demand was the highest since November, while Saturday gasoline demand was the strongest of any Saturday since the pandemic began.
"The rise in gasoline demand has certainly been behind oil's rally in the last few months, as COVID restrictions continue to ease and the economy slowly continues recovery. While the next few weeks may see gas prices rising slightly, the real pinch could come in March and lasting through summer, should demand continue on this path."
