Elevated oil prices could keep drivers paying more at the pump
Today’s national average price for a gallon of gasoline is $3.85, 2 cents higher than last Monday. One year ago, the price was $3.96. The New York State average is $3.92, up 2 cents from a week ago. A year ago, the NYS average was $4.35. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia – $3.86 (up 3 cents from last Monday)
- Buffalo – $3.88 (up 2 cents from last Monday)
- Rochester – $3.90 (no change from last Monday)
The national average for a gallon of regular gasoline has been hovering around $3.82 for the past two weeks, a noteworthy length for price stability. This lack of price movement came despite an uptick in gas demand and rising oil prices approaching the mid-$80s per barrel. Today’s update shows an increase of 2 cents since last week, possibly indicating that gas prices will bump up. The summer heat that kept people home and suppressed refinery production has eased for now, so we must look at the cost of oil to determine if the recent price climb is ending. More expensive oil will likely lead to higher oil prices. Today’s national average of $3.85 is 29 cents more than a month ago, but 11 cents less than a year ago.
This morning, diesel prices are up as well. The national average price for diesel is $4.31, up 13 cents from last week, but down from $5.04 a year ago. The New York average for diesel is $4.55, up 9 cents from last week, but still much lower than $5.52 one year ago.
