Prices inch closer to $5 per gallon
Today’s national average price for a gallon of gasoline is $4.60, up 12 cents from last week. One year ago, the price was $3.04. The New York State average is $4.93, up 17 cents from last week. A year ago, the NYS average was $3.07. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia – $4.82 (up 17 cents from last week)
- Buffalo – $4.82 (up 19 cents from last week)
- Rochester – $4.88 (up 18 cents from last week)
Pump prices are inching closer to $5 per gallon across New York as the Memorial Day holiday approaches. AAA research finds that three-quarters (75%) of US adults say they would change their driving habits or lifestyle if the cost of gasoline rises to $5.00 per gallon. Younger and older adults respond to gas price increases the same way.
According to the latest data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased while gasoline demand increased. Tighter supply and increased demand have pushed pump prices higher. This supply/demand dynamic, combined with volatile crude prices, will likely continue to keep upward pressure on pump prices.
This morning, oil prices remain over $110 per barrel. Last week, crude prices dropped temporarily over market concerns about the likelihood of a recession. If a recession occurs, crude demand would likely decrease amid slower economic activity. Crude prices then recovered and increased over geopolitical concerns involving Russia and Ukraine.
Meanwhile, the national average for diesel fuel is at $5.55. One year ago the price was $3.18. In New York, the average price for diesel is $6.52. One year ago the price was $3.23.
