Gasoline prices are up sharply throughout Western New York, as they are across the state and country.
Today’s national average price for a gallon of gasoline is $3.61, up eight cents from last week. One year ago, the price was $2.72. The New York State average is $3.80, up five cents from last week. A year ago, the NYS average was $2.78. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia – $3.75 (up seven cents from last week)
- Buffalo – $3.75 (up five cents from last week)
- Rochester – $3.79 (up four cents from last week)
Demand for gasoline increased last week as many families traveled for February break. An increase in gas demand, alongside a reduction in total supply, is contributing to price increases, but increasing oil prices continue to play a leading role in pushing prices higher. Pump prices will likely continue to rise as crude prices continue to climb.
This morning oil prices remain elevated. Crude prices surged after Russia launched its military invasion of Ukraine. As the conflict escalates with more sanctions and retaliatory actions, the oil markets will likely respond by continuing to increase the price of crude oil to reflect more risk of disruption to tight global oil supplies. Additionally, EIA reported that the total domestic crude stock level is approximately 10 percent lower than mid-February 2021, 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.
All WNY is made possible thanks to coffee and sleep deprivation.
We appreciate your readership. We like money, too.
