Today’s national average price for a gallon of gasoline is $2.77, up five cents from last week. One year ago, the price was $2.39. The New York State average is $2.83 – up five cents from last week. A year ago, the NYS average was $2.57. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia – $2.76 (up four cents since last week)
- Buffalo – $2.77 (up five cents since last week)
- Rochester – $2.81 (up five cents since last week)
Rising crude prices, tightening gas supplies, and increased gas demand have contributed to drivers seeing higher prices at the pump. According to the latest data from the Energy Information Administration (EIA), total domestic gas stocks decreased as demand is on the rise. If these trends continue alongside higher crude prices, drivers can expect incremental price increases — of at least nickel — at their local gas stations in March. At the same time, motorists have yet to see any relief from gas price spikes following outages at Gulf Coast refineries.
Crude prices continue to push closer to $70 per barrel – they were in negative territory, under $0 per barrel, in April 2020. Last week, crude prices increased after the Organization of the Petroleum Exporting Countries (OPEC) decided with its allies, including Russia, to maintain existing crude production cuts through April. Additionally, Saudi Arabia — a member of OPEC — agreed to extend its voluntary production cut. Rising oil prices have a direct impact on pump prices.