Gasoline prices went up across Western New York in the past week, following the national average price for regular unleaded gasoline, which is now $2.35 per gallon, three cents more than last
week, and 23 cents more than at the same time last year, accoriding to AAA of Western and Centeral New York.
The latest Energy Information Administration (EIA) report shows gasoline demand reached a new weekly record of 9.842 million b/d. The 2017 demand average over the past four weeks is about one percent ahead of the same four week period last year. With summer demand running full steam ahead, drivers can expect prices to continue rising.
In Buffalo, the average price of a gallon of gas is $2.38, up three cents from a week ago, while Rochester’s gas price jumped a nickel to $2.42. Across the state, the average price of gasoline is $2.31, up three cents from this time last week.
With most of the country seeing declines in gasoline inventories, the mid-Atlantic and northeast region saw gasoline inventories increase by approximately 400,000 bbl, according to EIA’s latest reports. With the continued record high output rates for refined products, refiners are able to cheaply produce large amounts of gasoline and store it.
However, as gas prices increase and demand stays strong, storage levels are likely to fall.
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