Higher oil prices and lower supply pack one-two punch at pump
Today’s national average price for a gallon of gasoline is $3.76, 16 cents higher than last Monday. One year ago, the price was $4.22. The New York State average is $3.82, up 12 cents from a week ago. A year ago, the NYS average was $4.52. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia – $3.71 (up 12 cents from last Monday)
- Buffalo – $3.76 (up 12 cents from last Monday)
- Rochester – $3.80 (up 9 cents from last Monday)
After months of small gains, gas prices have risen dramatically over the last seven days. The main culprit is the price of oil which has increased about 15 percent in July, surpassing the 80 dollar per barrel mark. Oil is the key ingredient in the production of gasoline. Gas supply is lower as well. Extreme heat in several parts of the country has resulted in lower production volumes at several refineries. Even with demand for gas lower than it was a year ago drivers are feeling the pinch at the pump. Today’s national average of $3.76 is 22 cents more than a month ago, but 46 cents less than a year ago.
This morning, diesel prices are up as well. The national average price for diesel is $4.04, up 16 cents from last week, but down from $5.29 a year ago. The New York average for diesel is $4.38, up 4 cents from last week, but still much lower than $5.82 one year ago.
All WNY is made possible thanks to coffee and sleep deprivation.
We appreciate your readership. We like money, too.
