Gas prices on the rise as demand increases
Today’s national average price for a gallon of gasoline is $5.01, up 14 cents from last Monday. One year ago, the price was $3.08. The New York State average is $5.04, up 13 cents since last Monday. A year ago, the NYS average was $3.11. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia – $4.92 (up 17 cents from last Monday)
- Buffalo – $4.90 (up 18 cents from last Monday)
- Rochester – $4.98 (up 19 cents from last Monday)
According to the latest data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased while gasoline demand increased as drivers continue to fuel up for the summer driving season, typically a time when gas demand increases. This dynamic between decreased supply and increased demand is contributing to rising prices at the pump. This coupled with increasing crude oil prices means that the price of gas will likely remain elevated for the near future.
This morning oil prices are at about $118 per barrel. Crude prices surged last week in response to global supply concerns amid expected demand increases, particularly as China emerges from lockdowns. As a result, the current storage level is approximately 12 percent lower than a year ago, contributing to rising crude prices.
Locally, prices decreased in early June as the gas tax cap went into effect in New York, but the cap wasn’t enough to offset rising pump prices. Gas prices across the country are increasing rapidly due to high oil prices and increased demand.
