Press release from AAA:
Today’s national average price for a gallon of gasoline is $3.61, up eight cents from last week. One year ago, the price was $2.72. The New York State average is $3.80, up five cents from last week. A year ago, the NYS average was $2.78. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $3.75 (up seven cents from last week)
- Buffalo - $3.75 (up five cents from last week)
- Ithaca - $3.81 (up five cents from last week)
- Rochester - $3.79 (up four cents from last week)
- Rome - $3.80 (up four cents from last week)
- Syracuse - $3.75 (up four cents from last week)
- Watertown - $3.79 (up six cents from last week)
Demand for gasoline increased last week as many families traveled for February break. An increase in gas demand, alongside a reduction in total supply, is contributing to price increases, but increasing oil prices continue to play a leading role in pushing prices higher. Pump prices will likely continue to rise as crude prices continue to climb.
This morning oil prices remain elevated. Crude prices surged after Russia launched its military invasion of Ukraine. As the conflict escalates with more sanctions and retaliatory actions, the oil markets will likely respond by continuing to increase the price of crude oil to reflect more risk of disruption to tight global oil supplies. Additionally, EIA reported that the total domestic crude stock level is approximately 10 percent lower than mid-February 2021, contributing to pressure on domestic crude prices.
From Gas Buddy:
“The Russian invasion of Ukraine has sparked high-level concern that oil production could eventually be stifled, or even sanctioned, from the world's second-largest oil producer, leading to less supply as demand grows. That possibility has pushed up the national average price of gasoline considerably in the last week, and the situation could worsen at any time, keeping gas prices elevated for the foreseeable future," said Patrick De Haan, head of petroleum analysis at GasBuddy. "In addition to the unstable situation with the Russian invasion, we're also entering the time of year that seasonality pushes gasoline prices up by anywhere from 25 to 75 cents by Memorial Day. It's simply looking like a perfect storm for motorists at the pump, with little to no relief anytime soon."
