Gasoline prices continue to increase with the national average price for regular unleaded gasoline now at $2.37 per gallon, up three cents from last week and up 39 cents from one year ago. The New York State average is $2.54 per gallon, up two cents from last week. A year ago, the NYS average was $2.20.
Locally, a gallon of gas is $2.46 in Buffalo, up two cents from last week. Rochester’s gas prices also inched up two cents to $2.48.
U.S. motorists spent $26.7 billion on gasoline last month, up $2.4 billion from December 2015, but $13.2 billion less than what was spent in December 2011 – when spending hit $40 billion, according to Oil Price Information Service (OPIS).
In Friday market action, U.S. crude oil rose 23 cents to close at $53.99 a barrel in New York. Brent crude, which is used to price oil sold internationally, added 21 cents to close at $57.10 a barrel in London. Oil prices have been on the rise since OPEC's agreement to cut oil production was announced. OPEC agreed to cut production of up to 1.8 million barrels per day and the cut is expected to last for the next six months.
