Press release from AAA:
Today’s national average price for a gallon of gasoline is $3.49, up five cents from last week. One year ago, the price was $2.51. The New York State average is $3.68, up nine cents from last week. A year ago, the NYS average was $2.60. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia - $3.60 (up eight cents from last week)
- Buffalo - $3.62 (up nine cents from last week)
- Ithaca - $3.68 (up ten cents from last week)
- Rochester - $3.66 (up eight cents from last week)
- Rome - $3.70 (up seven cents from last week)
- Syracuse - $3.64 (up nine cents from last week)
- Watertown - $3.66 (up eight cents from last week)
According to the Energy Information Administration (EIA), total domestic gasoline stocks decreased while gasoline demand increased. A decrease in total stocks and an increase in demand have contributed to upward pressure on pump prices, but rising crude prices continue to play a dominant role in pushing pump prices higher. Pump prices will likely continue to follow suit as demand grows and stocks decrease if crude prices continue to climb.
Oil prices are well over $90 per barrel this morning. The tension between Russia and Ukraine continues to contribute to rising oil prices. Russia is a member of OPEC+, and any sanctions based on their actions toward Ukraine may cause it to withhold crude oil from the global market. Additionally, EIA reports that total domestic crude stocks decreased recently. The current stock level is approximately 13 percent lower than at the beginning of February 2021, contributing to pressure on domestic crude prices.
From Gas Buddy:
"The jump in gasoline prices has continued unabated as oil prices continue to push higher, reaching $94 per barrel last week on continued concern over the possible imminent threat that Russia may invade Ukraine," said Patrick De Haan, head of petroleum analysis at GasBuddy. "Not only are oil prices up, but the bulk of the nation is starting the multi-month transition to summer gasoline, further adding to the rise at the pump. In addition, cold weather in Texas last week caused some power outages at major refineries, further weighing on markets. I see no other potentials in the short term but additional price increases unless Russia does an about-face on Ukraine. Even then, we'll still see seasonality push prices up, so motorists should be ready to dig deeper."
