Gasoline prices throughout Western New York inched upwards in the last week with prices in Buffalo up two cents to $2.71 and prices in Rochester up three cents to $2.74.
Across the state, the average price is $2.77, four cents higher than a week ago and 33 cents higher than this time last year. Nationally, the average is $2.66, five cents higher than last week and 34 cents higher than in 2017.
Tightening stocks with strong demand, which registered at 9.2 million b/d last week, gave gas prices a boost this week—as well as spring break travel. The Energy Information Administration’s latest weekly report shows that the U.S. sent nearly 1.1 million b/d of gasoline to other countries last week – the fourth largest export rate on record and the highest so far this year.
High levels of domestic gasoline production, amid higher than usual domestic demand, has led to the U.S. gaining more of the share of the global market for gasoline. Mexico, Guatemala and Canada continue to remain top importers of gasoline from the U.S. In fact, over the past five years, U.S. exports of gasoline to Mexico have accounted for 44-53 percent of total gasoline exports from the U.S.
