Today’s national average price for a gallon of gasoline is $3.60, up six cents from last Monday. One year ago, the price was $3.60. The New York State average is $3.47, up two cents from one week ago. A year ago, the NYS average was $3.53. AAA Western and Central New York (AAA WCNY) reports the following averages:
- Batavia – $3.36 (no change from last Monday)
- Buffalo – $3.38 (up 1 cent from last Monday)
- Rochester – $3.41 (up 2 cents from last Monday)
Despite ominous overseas news, a surge in domestic gasoline demand, and oil prices rising to the mid-$80s per barrel, the national average for a gallon of gasoline climbed six cents to $3.60 since last week. Oil prices have spiked recently due to renewed Ukrainian attacks on Russia’s oil infrastructure and increasing tension in the Middle East. Since the cost of oil accounts for roughly 60% of what motorists pay at the pump, there will likely be some upward pressure on prices at the pump nationally.
According to recent data from the Energy Information Administration (EIA), demand for gasoline rose last week, while supply decreased slightly. Higher demand and rising oil prices will likely nudge pump prices higher soon. However, the upward trend in gas prices is not unusual for this time of year, as many regions of the U.S. begin to transition to the more expensive summer blend of gasoline, which tends to increase pump prices by 10 to 15 cents.
Diesel prices remain relatively steady. The national average price for diesel is $4.04, up two cents from last Monday. The New York average is $4.38, down two cents from a week ago.
