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June 27, 2022 - 11:33am
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 $4.90, down 8 cents from last Monday. One year ago, the price was $3.10. The New York State average is $4.96, down 5 cents since last Monday. A year ago, the NYS average was $3.15. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $4.88 (down 1 cent from last Monday)
  • Buffalo - $4.86 (down 3 cents from last Monday)
  • Elmira - $4.93 (down 4 cents from last Monday)
  • Ithaca - $4.95 (down 3 cents from last Monday)
  • Rochester - $4.95 (down 2 cents from last Monday)
  • Rome - $4.97 (down 1 cent from last Monday)
  • Syracuse - $4.93 (down 3 cents from last Monday)
  • Watertown - $4.97 (down 1 cent from last Monday)

Lower oil prices have brought some relief to the pump. Crude prices have dropped amid broad market concern regarding the potential for economic growth to slow or stall due to rising interest rates and inflation. A lower economic growth rate than expected could cause crude demand to decline, leading prices to follow suit. This morning oil prices are at about $108 to $113 per barrel.

Meanwhile, the Energy Information Administration did not release gasoline demand/supply and domestic oil inventory levels data last week due to “systems issues,” but demand is expected to pick up this week as travelers head out for the Independence Day holiday. AAA predicts 47.9 million people will travel 50 miles or more from home over the holiday weekend (June 30 – July 4). This is an increase of 3.7% over 2021, bringing travel volumes just shy of those seen in 2019. The biggest surprise – car travel – will set a new record despite historically high gas prices with 42 million people hitting the road. AAA reminds road trippers and air travelers to pack their patience and plan ahead to avoid hassles.

From Gas Buddy:

"With Independence Day a week away, gas prices have continued to fall for the second straight week as the price of oil has faltered, ushering in the drop we're seeing. The good news is we could also see a third straight week of decline," said Patrick De Haan, head of petroleum analysis at GasBuddy. "While prices will be at their highest July 4th level ever, they'll have fallen close to 20 cents since our peak in early June. Motorists should be wary that while the decline could continue for the week ahead, any sudden jolts to supply could quickly cause a turnaround, and risk remains that when the peak of hurricane season arrives, we could see a super spike at the pump."

June 20, 2022 - 1:18pm
posted by Press Release in gas prices, news.

Press release the Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.98, down 3 cents from last Monday. One year ago, the price was $3.07. The New York State average is $5.01 (5.008), down 3 cents since last Monday. A year ago, the NYS average was $3.13. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $4.89 (down 3 cents from last Monday)
  • Buffalo - $4.89 (down 1 cent from last Monday)
  • Elmira - $4.97 (down 1 cent from last Monday)
  • Ithaca - $4.98 (up 1 cent from last Monday)
  • Rochester - $4.97 (down 1 cent from last Monday)
  • Rome - $4.98 (no change from last Monday)
  • Syracuse - $4.96 (down 1 cent from last Monday)
  • Watertown - $4.98 (up 2 cents from last Monday)

According to the latest data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased while gasoline demand declined slightly, which limited pump price increases.

Crude prices dropped last week amid broad market concern regarding the potential for slower economic growth after the U.S. Federal Reserve raised the interest rate by 0.75 percent. Slower than expected economic growth could cause crude demand to decline, leading to lower oil prices. This morning oil prices are at about $109 to $113 per barrel. However, as crude oil prices remain volatile, the price per gallon for gasoline will likely remain elevated.

From Gas Buddy:

“Finally some relief! For the first time in nine weeks, gasoline prices have fallen, following a broad sell-off in oil markets last week, pushing the national average back under the $5 level with most states seeing relief at the pump," said Patrick De Haan, head of petroleum analysis at GasBuddy. "I'm hopeful the trend may continue this week, especially as concerns appear to be mounting that we may be on the cusp of an economic slowdown, putting downward pressure on oil. But the coast isn't yet entirely clear. We could see the national average fall another 15 to 30 cents, if we're lucky, by the time fireworks are flying, barring any unexpected shutdowns at a time when the market is extremely sensitive to such."

June 13, 2022 - 11:03am
posted by Press Release in gas prices, news.

Press release from Automobile Association of America:

Today’s national average price for a gallon of gasoline is $5.01, up 14 cents from last Monday. One year ago, the price was $3.08. The New York State average is $5.04, up 13 cents since last Monday. A year ago, the NYS average was $3.11. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $4.92 (up 17 cents from last Monday)
  • Buffalo - $4.90 (up 18 cents from last Monday)
  • Elmira - $4.98 (up 20 cents from last Monday)
  • Ithaca - $4.97 (up 18 cents from last Monday)
  • Rochester - $4.98 (up 19 cents from last Monday)
  • Rome - $4.98 (up 19 cents from last Monday)
  • Syracuse - $4.97 (up 23 cents from last Monday)
  • Watertown - $4.96 (up 16 cents from last Monday)

According to the latest data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased while gasoline demand increased as drivers continue to fuel up for the summer driving season, typically a time when gas demand increases. This dynamic between decreased supply and increased demand is contributing to rising prices at the pump. This coupled with increasing crude oil prices means that the price of gas will likely remain elevated for the near future.

This morning oil prices are at about $118 per barrel. Crude prices surged last week in response to global supply concerns amid expected demand increases, particularly as China emerges from lockdowns. As a result, the current storage level is approximately 12 percent lower than a year ago, contributing to rising crude prices.

Locally, prices decreased in early June as the gas tax cap went into effect in New York, but the cap wasn’t enough to offset rising pump prices. Gas prices across the country are increasing rapidly due to high oil prices and increased demand.

From Gas Buddy:

“For the first time ever, last week saw the national average reach the $5 per gallon mark, as nearly every one of the nation's 50 states saw prices jump. For now, the upward momentum may slow down, but prices are still just one potential supply jolt away from heading even higher," said Patrick De Haan, head of petroleum analysis at GasBuddy. "Gasoline demand, while rising seasonally, is still well below previous records, but remains impressive with prices in all states at record levels. Should the rise in price finally start to slow demand, we could see some breathing room, but for now, it seems like Americans are proving resilient to record highs."

June 9, 2022 - 5:37pm
posted by Press Release in gas prices, news.

Press release from Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.97, up 10 cents since Monday. One year ago, the price was $3.07. The New York State average is $5.01 ($5.009 to be exact), up 13 cents since Monday. A year ago, the NYS average was $3.09. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $4.90 (up 15 cents since Monday)
  • Buffalo - $4.89 (up 17 cents since Monday)
  • Elmira - $4.97 (up 19 cents since Monday)
  • Ithaca - $4.96 (up 17 cents since Monday)
  • Rochester - $4.95 (up 16 cents since Monday)
  • Rome - $4.96 (up 17 cents since Monday)
  • Syracuse - $4.94 (up 20 cents since Monday)
  • Watertown - $4.94 (up 14 cents since Monday)

Motorists are feeling pain at the pump even with the recent New York state gas tax cap. When it went into effect last week, statewide prices did drop initially as nationwide prices increased dramatically. However oil prices continue to increase, and the gas tax relief doesn’t amount to enough to counterbalance the increased price of oil, which has a direct impact on what we pay at the pump for gasoline.

For example, right now oil prices range from $121 to $123 per barrel, up from $120 per barrel on Monday. Oil accounts for at least half of each gallon of gas.

Given that gas taxes make up less than a fifth of the price consumers pay at the pump, removing it offers little margin for price decreases when compared to the other factors that contribute to 85% of the price paid by consumers at the pump. Moreover, when external market and economic factors impact the price of oil, rising crude prices can often play an outsized role in pushing pump prices higher. As a result, the impact of gas tax holiday proposals can be limited because any price reduction from the lack of taxes can be quickly offset by a steady increase in oil prices, which is what we are seeing now.

From Gas Buddy:

The national average price of gas in the U.S. surpassed $5 per gallon today for the first time ever, according to GasBuddy, the leading fuel savings platform saving North American drivers the most money on fuel. This long-anticipated milestone comes behind months of gas price increases across the country, accelerated by the rise in seasonal demand amidst supply constraints borne out of the pandemic.

Gas prices have surged in recent weeks as U.S. gasoline inventories have fallen over 25 million barrels, or over one billion gallons, since the start of March amidst a global decline in refining capacity due to the Covid-19 pandemic and accelerated demand going into the summer. The price of oil has also jumped due to escalations stemming from the Russian war on Ukraine, as countries choke off Russian oil supply via sanctions, pushing supply down at a time of rising demand. In addition, U.S. refining capacity has fallen by some 1 million barrels per day over the last three years. All of these factors have created an environment ripe for a surge in gas prices, while Americans balk at prices but continue filling up as demand has seen little decline.

 

June 6, 2022 - 1:51pm
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 $4.87, up 25 cents from last Monday. One year ago, the price was $3.05. The New York State average is $4.88, down 5 cents since last Monday. A year ago, the NYS average was $3.09. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $4.75 (down 9 cents from last Monday)
  • Buffalo - $4.72 (down 11 cents from last Monday)
  • Elmira - $4.78 (down 9 cents from last Monday)
  • Ithaca - $4.79 (down 8 cents from last Monday)
  • Rochester - $4.79 (down 10 cents from last Monday)
  • Rome - $4.79 (down 9 cents from last Monday)
  • Syracuse - $4.74 (down 12 cents from last Monday)
  • Watertown - $4.80 (down 9 cents from last Monday)

This morning, oil prices are at about $120 per barrel. Crude prices have increased amid supply concerns from the market as the European Union works to implement a 90 percent ban on Russian oil imports by the end of this year. Crude prices were also boosted by increased demand expectations from the market after China lifted COVID-19 restrictions in Shanghai. Additionally, EIA reported that total domestic stocks decreased. As a result, the current storage level is approximately 13.5 percent lower than a year ago, contributing to rising crude prices.

Locally, prices have decreased due to the gas tax cap in New York and additional many counties while prices across the country are increasing rapidly due to high oil prices and increased demand.

From Gas Buddy:

“After a blistering week of gas prices jumping in nearly every town, city, state and area possible, more bad news is on the horizon. It now appears not if, but when, we'll hit that psychologically critical $5 national average," said Patrick De Haan, head of petroleum analysis at GasBuddy. "Gasoline inventories continue to decline even with demand softening due to high prices, a culmination of less refining capacity than we had prior to Covid and strong consumption, a situation that doesn't look to improve drastically anytime soon. Nine states have average gas prices that stand beyond the $5 per gallon mark, with more set to join in the days and weeks ahead. In addition, diesel prices also stand at a record high, a second gut-punch to consumers which pushes prices of most goods higher."

May 31, 2022 - 6:30pm
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 $4.62, up 2 cents from last Tuesday. One year ago, the price was $3.05. The New York State average is $4.93, no change since last week. A year ago, the NYS average was $3.08. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $4.83 (down 1 cent from last Tuesday)
  • Buffalo - $4.83 (no change since last Tuesday)
  • Elmira - $4.87 (up 2 cents from last Tuesday)
  • Ithaca - $4.87 (up 1 cent from last Tuesday)
  • Rochester - $4.89 (up 1 cent from last Tuesday)
  • Rome - $4.89 (up 2 cents from last Tuesday)
  • Syracuse - $4.86 (no change since last Tuesday)
  • Watertown - $4.90 (up 1 cent from last Tuesday)

With Memorial Day in the review mirror, motorists are hoping for some relief at the pump. That will depend on oil prices, demand, and geopolitical factors. In a typical year, pump prices peak around Memorial Day and taper off over the summer though summer prices are almost always more expensive than winter prices due to increased demand and summer blend fuel that is more expensive to produce.

This morning, oil prices are over $118 per barrel, which is a significant increase over last week. If oil prices remain elevated, motorists will likely continue to feel pain at the pump.

Meanwhile, the national average for diesel fuel is at $5.52. One year ago the price was $3.19. In New York, the average price for diesel is $6.45. One year ago the price was $3.23.

From Gas Buddy:

“After several weeks of soaring gas prices, last week saw prices nationally slow down ahead of Memorial Day, but I'm afraid the good news ends there," said Patrick De Haan, head of petroleum analysis at GasBuddy. "While gasoline demand has been seasonally soft, the large decline in refining capacity over the last few years has meant that refiners are struggling to produce even lower amounts of refined products. This has lead inventories to struggle to see any gains, boosting concern that they won't be able to catch up. Coupled with continued talk that the EU is still working on sanctioning Russian oil, even though Hungary is a hold out, oil markets are quite on edge. As a result of the continued decline in gasoline inventories in recent weeks, wholesale gas prices surged last week, which will likely boost prices at the pump in short order. Motorists in the Great Lakes could see prices jump early in the week to new record highs, and the rest of the nation will follow. Odds are rising that we'll eventually see the national average reach that dreaded $5 per gallon."

May 23, 2022 - 9:30am
posted by Press Release in gas prices, news.

Press release the Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.60, up 12 cents from last week. One year ago, the price was $3.04. The New York State average is $4.93, up 17 cents from last week. A year ago, the NYS average was $3.07. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $4.82 (up 17 cents from last week)
  • Buffalo - $4.82 (up 19 cents from last week)
  • Elmira - $4.85 (up 17 cents from last week)
  • Ithaca - $4.86 (up 19 cents from last week)
  • Rochester - $4.88 (up 18 cents from last week)
  • Rome - $4.87 (up 15 cents from last week)
  • Syracuse - $4.86 (up 20 cents from last week)
  • Watertown - $4.89 (up 18 cents from last week)

Pump prices are inching closer to $5 per gallon across New York as the Memorial Day holiday approaches. AAA research finds that three-quarters (75%) of US adults say they would change their driving habits or lifestyle if the cost of gasoline rises to $5.00 per gallon. Younger and older adults respond to gas price increases the same way.   

According to the latest data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased while gasoline demand increased. Tighter supply and increased demand have pushed pump prices higher.  This supply/demand dynamic, combined with volatile crude prices, will likely continue to keep upward pressure on pump prices.

This morning, oil prices remain over $110 per barrel. Last week, crude prices dropped temporarily over market concerns about the likelihood of a recession. If a recession occurs, crude demand would likely decrease amid slower economic activity. Crude prices then recovered and increased over geopolitical concerns involving Russia and Ukraine.

From Gas Buddy:

“Gasoline prices surged over the last week to new record highs, but have finally started to slow their rise with diesel also finally cooling off," said Patrick De Haan, head of petroleum analysis at GasBuddy. "With more Americans planning to hit the road for Memorial Day this year compared to last, prices will be over $1.50 per gallon higher than last year. Though, prices are appearing to slow down, for now. While the coast isn't clear yet, and prices will be at their highest Memorial Day level ever, I'm hopeful that we could avoid a dreaded national average of $5 per gallon this year. Whether or not we're able to depends on Americans cutting demand in the face of sky-high prices."

May 16, 2022 - 8:56am
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."

May 9, 2022 - 12:21pm
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 $4.33, up 14 cents from last week. One year ago, the price was $2.96. The New York State average is $4.52, up 17 cents from last week. A year ago, the NYS average was $3.00. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $4.34 (up 10 cents from last week)
  • Buffalo - $4.35 (up 12 cents from last week)
  • Elmira - $4.47 (up 18 cents from last week)
  • Ithaca - $4.46 (up 18 cents from last week)
  • Rochester - $4.43 (up 12 cents from last week)
  • Rome - $4.48 (up 16 cents from last week)
  • Syracuse - $4.43 (up 14 cents from last week)
  • Watertown - $4.46 (up 15 cents from last week)

Gas prices jumped significantly in the past week. According to the latest data from the Energy Information Administration, total domestic gasoline stocks decreased while gasoline demand increased slightly. Increasing gas demand and rising oil prices have pushed pump prices higher.

This morning, oil prices are about $110 per barrel and up. Crude prices rose after the European Union announced a proposal to ban Russian oil imports within six months, while refined product imports would be prohibited by the end of 2022. Countries such as Slovakia have stated they will seek exemptions because they need more time to find alternatives to Russian oil. However, given that global crude supply remains tight, crude prices will likely remain volatile amid the news that supply could get tighter if the ban is implemented.

Meanwhile, the national average for diesel fuel hit a new record today reaching $5.54. One year ago the price was $3.11. In New York, the average price for diesel is $6.38, which is also a record high. One year ago the price was $3.19.

High diesel fuel prices impact businesses that need to transport goods and those that have commercial vehicles like AAA. Nearly all of AAA Western and Central New York’s tow trucks rely on diesel fuel. “To say we’re feeling pain at the pump is an understatement,” said Steve Steinmetz, director of automotive service operations at AAA Western and Central New York. “Prices have literally doubled since last year impacting all towing companies across the state.”

From Gas Buddy:

“Gasoline and diesel prices alike saw strong upward momentum last week as oil prices continued to climb after the EU signaled its desire to sanction Russian oil. In addition, U.S. petroleum inventories saw yet another weekly decline as we near the start of summer driving season," said Patrick De Haan, head of petroleum analysis at GasBuddy. "Not only are diesel prices at a record high, they are at their largest differential to gasoline on record, surpassing the 98-cent difference in 2008 and currently standing at a $1.20 per gallon premium. While motorists filling with gasoline have seen a slight rise in prices, diesel's surge will be a double whammy as diesel prices will soon be passed along to retail channels, further pushing up the cost of goods."

May 2, 2022 - 8:50am
posted by Press Release in gas prices, news.

Press release from Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.19, up seven cents from last week. One year ago, the price was $2.90. The New York State average is $4.35, up 12 cents from last week. A year ago, the NYS average was $2.95. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $4.24 (up 3 cents from last week)
  • Buffalo - $4.23 (up 2 cents from last week)
  • Elmira - $4.29 (up 8 cents from last week)
  • Ithaca - $4.28 (up 7 cents from last week)
  • Rochester - $4.31 (up 3 cents from last week)
  • Rome - $4.32 (up 7 cents from last week)
  • Syracuse - $4.29 (up 5 cents from last week)
  • Watertown - $4.31 (up 6 cents from last week)

Gas prices are up across the board this week despite a slight drop in demand. Although lower gas demand would typically push pump prices lower, increasing oil prices and tight gasoline supply have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $100 per barrel.

Crude prices have increased because the current level is approximately 16 percent lower than at the end of April 2021. As supply remains tight and the market remains highly volatile, crude prices will likely continue to fluctuate, pushing pump prices higher.

From Gas Buddy:

“Gasoline prices have continued their rally in the last week with oil prices sustaining higher levels, but the real story has been diesel fuel, which has skyrocketed to its highest level ever seen. Diesel is now $1 per gallon or more in many areas compared to gasoline," said Patrick De Haan, head of petroleum analysis at GasBuddy. "The meteoric rise in diesel prices is likely to continue for the first half of the week at least, while gasoline prices could continue to see a slow but steady rise. For now, the rising cost of diesel will surely be felt in the grocery store, hardware store or on your next flight as jet fuel prices accelerate, leading to a continued rise in inflation likely to ripple across the economy."

April 25, 2022 - 9:53am
posted by Press Release in gas prices, news.

Press release from Automobile Club of America:

Today’s national average price for a gallon of gasoline is $4.12, up four cents from last week. One year ago, the price was $2.89. The New York State average is $4.23, up five cents from last week. A year ago, the NYS average was $2.93. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $4.21 (down 2 cents from last week)
  • Buffalo - $4.21 (down 2 cents from last week)
  • Elmira - $4.21 (up 8 cents from last week)
  • Ithaca - $4.21 (up 2 cents from last week)
  • Rochester - $4.28 (up 1 cent from last week)
  • Rome - $4.25 (up 3 cents from last week)
  • Syracuse - $4.24 (up 3 cents from last week)
  • Watertown - $4.25 (up 1 cent from last week)

The recent slide in gas prices appears to be only temporary as pump prices are on the rise again. The national average is up four cents since last week. This morning, oil prices are at about $100 per barrel. The war in Ukraine and fear of less Russian oil entering the market caused the price of crude to creep back up. Meanwhile, data from the Energy Information Administration (EIA) shows that total domestic gasoline stocks decreased while gasoline demand increased.

From Gas Buddy:

“For the first time in over a month, the national average price of gasoline has risen. Primarily, this was due to oil prices that had jumped the prior week, pushing up the price that stations pay for fuel and thus causing them to raise prices," said Patrick De Haan, head of petroleum analysis at GasBuddy. "The rise has been quite tame in most areas, while others have continued to gently decline. But, with the French election now behind us, there is risk that the EU could pursue harsher sanctions on Russia's energy, which could cause oil prices to rise if it happens - something motorists should be on the watch for. In addition, U.S. oil inventories continue to decline, putting additional pressure on prices as the nation's SPR continues to drain and Russia's war on Ukraine remains ongoing. The global imbalance between supply and demand that led to these higher prices continues for the time being."

April 18, 2022 - 6:04pm
posted by Press Release in gas prices, news.

Press release from the Automobile Club of America:

Today’s national average price for a gallon of gasoline is $4.08, down 3 cents change from last week. One year ago, the price was $2.87. The New York State average is $4.18, down 4 cents from last week. A year ago, the NYS average was $2.89. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $4.23 (down 5 cents from last week)
  • Buffalo - $4.23 (down 5 cents from last week)
  • Elmira - $4.13 (down 4 cents from last week)
  • Ithaca - $4.19 (down 2 cents from last week)
  • Rochester - $4.27 (down 3 cents from last week)
  • Rome - $4.22 (down 2 cents from last week)
  • Syracuse - $4.21 (down 4 cents from last week)
  • Watertown - $4.24 (down 4 cents from last week)

In the past week, the national average for a gallon of regular gasoline has decreased by three cents. This morning, oil prices are $106 per barrel — up six cents since last week. Prices had dropped earlier this month after domestic crude stocks increased by 2.5 million barrels, followed by announcements that 180 million barrels would be released from the Strategic Petroleum Reserve over the next six months and the International Energy Agency would release 120 million barrels from its emergency reserves. The announcement has helped ease some supply concerns, initially pushing crude prices lower. Sanctions against Russian oil are likely to remain at the top of the EU agenda in the coming months, however, experts believe a complete ban is unlikely.

This past week, President Biden announced that his administration will temporarily allow E15 gasoline — which uses a 15% ethanol blend usually banned during warm-weather months as part of anti-pollution restrictions — hoping to bring relief to consumers this summer since the higher-ethanol fuel typically sells for 5 to 10 cents less per gallon than regular gas. However, 12% of the vehicles on the road are not designed to run on E15 gas, including any motorcycle, any vehicle older than model year 2001, any off-road vehicle or vehicles with heavy-duty engines, such as school buses or delivery trucks.

From Gas Buddy:

“We've now seen the national average price of gasoline decline every week for the last month, a feat we most likely would not have expected ahead of summer and given the continued turns in Russia's war on Ukraine. However, the downturn could slow or could even reverse in the days ahead if the rally in oil prices continues," said Patrick De Haan, head of petroleum analysis at GasBuddy. "A barrel of crude is now $14 higher than it was last week, as the European Union weighs placing harsher sanctions on Russia. This could further tilt the delicate balance of supply and demand in the wrong way, potentially sending oil prices up significantly if implemented. The path forward at the pump remains murky, however, with many possible outcomes, so motorists should be prepared for a bumpy ride."

April 11, 2022 - 11:15am
posted by Press Release in gas prices, news.

Press Release from the Automobile Club of America:

Today’s national average price for a gallon of gasoline is $4.11, down 8 cents change from last week. One year ago, the price was $2.86. The New York State average is 4.22, down 7 cents from last week. A year ago, the NYS average was $2.89. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $4.28 (down 4 cents from last week)
  • Buffalo - $4.28 (down 5 cents from last week)
  • Elmira - $4.17 (down 4 cents from last week)
  • Ithaca - $4.21 (down 4 cents from last week)
  • Rochester - $4.30 (down 5 cents from last week)
  • Rome - $4.24 (down 2 cents from last week)
  • Syracuse - $4.25 (down 3 cents from last week)
  • Watertown - $4.28 (down 4 cents from last week)

In the past week, the national average for a gallon of regular gasoline has decreased by eight cents. According to data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased while gasoline demand increased from 8.5 million barrels per day to 8.56 million. Although supply and demand factors would have typically supported elevated pump prices, the fluctuating price of oil continues to be the main factor influencing pump prices. Pump prices will likely face downward pressure if oil prices remain below $100 per barrel. 

This morning, oil prices are hovering right around the $100 per barrel mark. They dropped after domestic crude stocks increased in the past week by 2.5 million barrels. Additionally, crude prices faced more downward pressure this week after the International Energy Agency’s (IEA) 31 member countries, including Mexico, Japan, Germany, and Canada, announced plans to release 120 million barrels of crude oil from their emergency oil stockpiles. The amount includes a previously announced 60 million barrels of oil from the U.S.  It would be the second coordinated release in just over a month in response to spiking oil prices after Russia invaded Ukraine. The announcement has helped ease some supply concerns, pushing crude prices lower.

From Gas Buddy:

“Gas prices have continued to move in the right direction - down- saving Americans approximately $100 million every day compared to when prices peaked about a month ago. And, more good news is on the horizon: the national average this week will likely fall back under the critical $4 per gallon mark," said Patrick De Haan, head of petroleum analysis at GasBuddy. "It remains possible that gas prices may have hit their 2022 peak, barring the typical caveats like the Russia war on Ukraine, the economy, hurricane season and Covid don't take drastic and unexpected turns. Diesel prices are also falling and are likely to go back under the $5 per gallon average this week. The situation, for now, continues to show signs of improving, with the national average falling back into the $3 range as early as this week."

April 4, 2022 - 12:48pm
posted by Press Release in gas prices, news.

Press release from Automobile Club of America:

Today’s national average price for a gallon of gasoline is $4.19, down 6 cents change from last week. One year ago, the price was $2.87. The New York State average is 4.29, down 6 cents from last week. A year ago, the NYS average was $2.90. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $4.32 (down 4 cents from last week)
  • Buffalo - $4.33 (down 3 cents from last week)
  • Elmira - $4.21 (down 4 cents from last week)
  • Ithaca - $4.25 (down 7 cents from last week)
  • Rochester - $4.35 (down 3 cents from last week)
  • Rome - $4.26 (down 2 cents from last week)
  • Syracuse - $4.28 (down 3 cents from last week)
  • Watertown - $4.32 (down 3 cents from last week)

In the past week, the national average for a gallon of regular gasoline has decreased by six cents. According to data from the Energy Information Administration (EIA), total domestic gasoline stocks increased while gasoline demand decreased from 8.63 million barrels per day to 8.5 million. The drop in gas demand, alongside growth in total stocks, contributes to price decreases. If demand continues to decline as gasoline stocks continue to build, the national average will likely continue to move lower.

This morning, oil prices are hovering right around the $100 per barrel mark. They dropped after news that the U.S. will release one million barrels of oil per day from the Strategic Petroleum Reserve. While the pump price impact will be determined by the exact amount of oil purchased in the market and the duration of the daily releases, some reports have noted that releases could last for up to 180 days. If the releases occurred for that long, the market would likely see downward pressure on oil prices. However, the global oil market remains highly volatile, so additional news that threatens supply could put upward pressure on oil prices.

From Gas Buddy:

“Oil prices fell last week as Covid cases in China surged, prompting restrictions on movements and hurting oil demand. Meanwhile, President Biden's announcement that the U.S. would be releasing 180 million barrels from the Strategic Petroleum Reserve caused an even further decline in oil, leading gas prices in nearly all areas of the country to fall over the last week," said Patrick De Haan, head of petroleum analysis at GasBuddy. "So long as oil prices remain under $100 per barrel and there is no escalations in Russia's war on Ukraine, we may be poised to see gas prices decline again this week as the U.S. and other countries try to raise oil supply to tip prices lower."

March 28, 2022 - 9:15am
posted by Howard B. Owens in gas prices, news.

Press release from Automobile Club of America:

Today’s national average price for a gallon of gasoline is $4.25, no change from last week. One year ago, the price was $2.86. The New York State average is 4.35, down 2 cents from last week. A year ago, the NYS average was $2.91. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $4.36 (up 1 cent from last week)
  • Buffalo - $4.36 (down 1 cent from last week)
  • Elmira - $4.25 (down 6 cents from last week)
  • Ithaca - $4.32 (down 1 cent from last week)
  • Rochester - $4.38 (no change from last week)
  • Rome - $4.28 (down 2 cents from last week)
  • Syracuse - $4.31 (down 2 cents from last week)
  • Watertown - $4.35 (up 1 cent from last week)

Data from the Energy Information Administration (EIA) shows that total domestic gasoline stocks are down along with gasoline demand. The drop in demand is offset by an increase oil prices leading to price fluctuations. If oil prices continue to rise, pump prices will likely follow suit, reversing course from the downward trend.  

Oil prices remain over $100 per barrel. EIA reports that total domestic crude stocks are down 18 percent compared to one year ago. The current inventory level highlights tightness in the market, contributing to higher prices.

From Gas Buddy:

“The decline we've seen in average gas prices has been slowing down, as oil prices have held above $100 after declining under that level as recently as a few weeks ago. For the near future, we’ll see a mix of slight decreases and some potential increases mixed in. California markets should finally cool off and areas could even move lower in Southern California, while the Great Lakes could see gas prices jump up after having fallen for the last week or so," said Patrick De Haan, head of petroleum analysis at GasBuddy. "While the national average should start to stabilize for the time being, there's no telling what's around the corner, at least for now, as the volatility in oil prices persists."

March 21, 2022 - 9:28am
posted by Press Release in gas prices, news.

Press release from Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.25, down 8 cents from last week. One year ago, the price was $2.88. The New York State average is 4.37, down 8 cents from last week. A year ago, the NYS average was $2.92. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $4.35 (down 3 cents from last week)
  • Buffalo - $4.37 (down 3 cents from last week)
  • Elmira - $4.31 (down 10 cents from last week)
  • Ithaca - $4.33 (down 11 cents from last week)
  • Rochester - $4.38 (down 4 cents from last week)
  • Rome - $4.30 (down 10 cents from last week)
  • Syracuse - $4.33 (down 9 cents from last week)
  • Watertown - $4.34 (down 7 cents from last week)

Drivers are getting a bit of relief at the pump as gas prices are down across the region. Oil prices are near $110 per barrel this morning rather than over $130 two weeks ago. In August, oil prices were $30 per barrel. Oil prices dropped last week when China announced COVID-19 lockdowns last week.

From Gas Buddy:

“GasBuddy, last week, predicted that a top was in for the national average price of gasoline, and indeed, for the first time in 12 weeks, the national average price of gasoline has declined. While the decline is still subject to changes in global supply and demand, Covid and Russia's war on Ukraine, we are poised to see additional downdrafts at the pump this week in most areas," said Patrick De Haan, head of petroleum analysis at GasBuddy. "For now, gasoline demand has shown absolutely no signs of buckling under the pressure of higher prices, even as California nears an average of $6 per gallon, with spring break travel well underway. If the situation does worsen, with more oil being kept away from global markets, it's not impossible that gas prices would still have to climb a considerable amount for Americans to start curbing their insatiable demand for gasoline."

March 14, 2022 - 10:44am
posted by Press Release in gas prices, news.

Press release from Automobile Club of America:

Today’s national average price for a gallon of gasoline is $4.33 ($4.325), up 26 cents from last week. One year ago, the price was $2.86. The New York State average is 4.45, up 19 cents from last week. A year ago, the NYS average was $2.90. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $4.38 (up 15 cents from last week)
  • Buffalo - $4.40 (up 19 cents from last week)
  • Elmira - $4.41 (up 22 cents from last week)
  • Ithaca - $4.44 (up 22 cents from last week)
  • Rochester - $4.42 (up 18 cents from last week)
  • Rome - $4.40 (up 18 cents from last week)
  • Syracuse - $4.42 (up 18 cents from last week)
  • Watertown - $4.41 (up 16 cents from last week)

It appears as though oil prices have tapered off – this morning prices are $110 per barrel and under rather than over $130 one week ago. In August, oil prices were $30 per barrel. At one point during the pandemic, they were below zero, in negative territory. Oil prices have a direct impact on gas prices.

New survey data from AAA finds that two-thirds of Americans felt gas prices were too expensive just a few weeks ago at $3.53 per gallon. Now with the national average at an all-time high of over $4, Americans may have reached a tipping point. Over half (59%) said they would make changes to their driving habits or lifestyle if the cost of gas rose to $4 per gallon. If gas were to reach $5.00, which it has in some parts of the country, three-quarters said they would need to adjust their lifestyle to offset the spike at the pump.

From Gas Buddy:

“After a furious increase in the national average over the last two weeks, the top appears to be in with average gas prices slowly starting to decline over the last few days,” said Patrick De Haan, head of petroleum analysts at GasBuddy. “While the decrease could be short-lived, it is nonetheless a well-needed break from the large surge in gas prices we've experienced over the last few weeks. The situation remains fluid, and escalations remain very possible, if not likely. For now, a $4.50 per gallon national average is off the table, but it certainly could be a future possibility as long as there is conflict between Russia and Ukraine.”

March 9, 2022 - 2:47pm
posted by Press Release in gas prices, news.

Press release the Automobile Association of America:

On March 8, we set a new record for the highest average gas prices ever recorded at the local, state, and national level. March 8 prices surpassed the highest prices previously set during the recession in July of 2008.

Today, on March 9, prices continue to increase.

Today’s national average price for a gallon of gasoline is $4.25, up 8 cents since yesterday. One year ago, the price was $2.80. The New York State average is 4.43, up 6 cents from yesterday. A year ago, the NYS average was $2.85. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $4.35 (up 6 cents from yesterday)
  • Buffalo - $4.37 (up 7 cents from yesterday)
  • Ithaca - $4.38 (up 3 cents from yesterday)
  • Rochester - $4.38 (up 5 cents from yesterday)
  • Rome - $4.41 (up 6 cents from yesterday)
  • Syracuse - $4.39 (up 5 cents from yesterday)
  • Watertown - $4.40 (up 5 cents from yesterday)

You can check daily prices at: https://gasprices.aaa.com/.

This morning, oil prices are over $120 per barrel.

 

March 7, 2022 - 11:06am
posted by Press Release in gas prices, news.

Press release from Automobile Association of America:

Today’s national average price for a gallon of gasoline is $4.07, up 46 cents from last week. One year ago, the price was $2.77. The New York State average is 4.26, up 46 cents from last week. A year ago, the NYS average was $2.83. AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia - $4.23 (up 48 cents from last week)
  • Buffalo - $4.21 (up 46 cents from last week)
  • Ithaca - $4.22 (up 41 cents from last week)
  • Rochester - $4.24 (up 45 cents from last week)
  • Rome - $4.22 (up 44 cents from last week)
  • Syracuse - $4.24 (up 49 cents from last week)
  • Watertown - $4.25 (up 46 cents from last week)

According to oilprice.com, the United States has confirmed that it is in talks with European allies to potentially sanction Russian crude oil in response to Moscow's ongoing aggression in Ukraine – that sent oil prices over $130. This morning, oil prices are more than $124 per barrel – in August, oil prices were $30 per barrel. At one point during the pandemic they were below zero, in negative territory.

From Gas Buddy:

“There are few words to describe the unprecedented rise in gasoline prices over the last week, with massive spikes coast to coast in both gasoline and diesel prices, as oil prices jump to their highest since 2008. Forget the $4 per gallon mark, the nation will soon set new all-time record highs and we could push closer to a national average of $4.50/gal. California could be heading for $5.50 per gallon with more stations charging $6 and beyond," said Patrick De Haan, head of petroleum analysis at GasBuddy. "We've never been in this situation before, with this level of uncertainty. As we lose a major global producer under the weight of deserving bipartisan sanctions for invading a sovereign country, the cost is high. Americans will be feeling the pain of the rise in prices for quite some time, with little good news foreseen."

February 28, 2022 - 9:37am
posted by Press Release in gas prices, news.

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."

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