The national average price for regular unleaded gasoline is now $2.28 per gallon, up three cents from last week. A year ago, the price was $2.17. The New York State average is $2.43 per gallon, up two cents from last week. A year ago, the NYS average was $2.36.
In Western New York, Rochester saw a two-cent-per-gallon increase to $2.35 per gallon. Buffalo, however, remained unchanged at $2.34 per gallon.
Late last week, AAA updated its gas price forecast indicating that prices were set to increase. Motorists are now beginning to see that spike at the pump. The upswing looks to be the kickoff to a trend that may last through the remainder of the summer. The anticipated increase in price is due to refiners continuing to run record levels of crude oil, which is creating high levels of gasoline and diesel, while this season’s strong demand stays on pace.
All eyes will be on the OPEC and non-OPEC committee meeting on July 24 in St. Petersburg, Russia, where the status of a reduced output agreement will be discussed to see if the cartel takes additional steps to deepen the agreement’s impact on the market.
