Today’s national average price for a gallon of gasoline is $3.44, up seven cents from last week. One year ago, the price was $2.46. The New York State average is $3.59, up four cents from last week. A year ago, the NYS average was $2.56. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia – $3.52 (up one cent from last week)
- Buffalo – $3.53 (up four cents from last week)
- Rochester – $3.58 (up three cents from last week)
According to the Energy Information Administration (EIA), total domestic gasoline stocks have grown, while gasoline demand has dropped recently. An increase in total stocks and a decrease in demand typically puts downward pressure on pump prices, but rising crude prices continue to push prices higher instead. If crude prices continue to climb, pump prices will likely follow suit.
Crude prices are now topping $90 per barrel. The tension between Russia and Ukraine continues to contribute to rising oil prices. Russia is a member of OPEC+, and any sanctions based on their actions toward Ukraine may cause it to withhold crude oil from the global market. Moreover, OPEC+ announced this week it will stick to its plan to increase crude production by 400,000 barrels per day next month despite calls for a greater increase to help meet demand. Additionally, EIA reported that total domestic crude stocks decreased, contributing to pressure on domestic crude prices.
To conserve fuel, motorists should map routes, avoid peak traffic times like rush hour, and combine errands into one trip while using cruise control when possible. Drivers should also make sure tire pressure is at the vehicle’s recommended level for the best gas mileage while removing any unnecessary and bulky items from the car since it takes more fuel to accelerate a heavy vehicle.
