The price of gasoline locally and across the nation, have stabilized following an unexpected spike last week.
In Buffalo, the price of a gallon of regular unleaded gasoline is $2.65, down a penny from a week ago. In Rochester, that same gallon is $2.57, up three cents from a week ago. The National average is up a penny to $2.47, while the average across the state is $2.64, which is the same from a week ago.
The U.S. Energy Information Administration says a surprise jump in domestic demand is contributing to the slight increase, which took hold at the end of last week.
Typically, gasoline demand drops off after the summer driving season ends. EIA’s report shows that gasoline exports are on the rise. There is a continued growth of U.S. energy exports and upward movement in international demand for U.S. energy products, such as gasoline.
The recent price increases can likely be attributed to tighter gasoline supply along the East Coast. With more refineries finding their footing after several devastating hurricanes, U.S. inventories of crude may continue to climb in the weeks ahead and prevent oil prices from pushing higher.
