Featured News - Current News - Archived News - News Categories

Another spike for gas prices: Consumers start to feel some pain at the pump

Submitted

Mon, Apr 23rd 2018 11:40 am
By AAA of Western and Central New York
Today's national average price for a gallon of gasoline is $2.76, which is up 5 cents compared to one week ago. One year ago, the price was $2.42. The New York state average is $2.89, which is up 7 cents from last week. A year ago, the state average was $2.54.
As predicted, prices continue to rise at the pump. AAA Western and Central New York (AAA WCNY) reports the following averages:
  • Batavia - $2.80 (up 7 cents in past week)
  • Buffalo - $2.79 (up 4 cents in past week)
  • Ithaca - $2.85 (up 6 cents in past week)
  • Rochester - $2.85 (up 9 cents in past week)
  • Rome - $2.86 (up 7 cents in past week)
  • Syracuse - $2.85 (up 7 cents in past week)
  • Watertown - $2.87 (up 6 cents in past week)
Gasoline demand hit a new level this month according to the Energy Information Administration. The EIA's weekly petroleum report stated 9.86 million b/d (barrels per day) is the highest mid-April weekly estimate on record - and is the highest so far this year. EIA's record-breaking demand measurement is likely the result of more drivers hitting the nation's roads for spring break and as warmer weather starts to spread across the country. Declining gas stocks and high demand are leading to price spikes at the pump.
As this trend continues, drivers are likely to see pump prices continue to climb this spring.
Friday was a volatile day for oil prices on Wall Street. It began with President Donald Trump's tweet that criticized OPEC's efforts to restrict global crude supply and raise the price per barrel. Crude prices have not been this high since December 2014. The jump in price per barrel occurred after EIA's weekly report revealed crude inventories across the country dropped. The year-over-year decline has occurred as a result of OPEC's agreement with large non-OPEC producers to reduce crude production. The agreement is supposed to remain in effect until the end of 2018; however, on Friday, Russian Energy Minister Alexander Novak said producers in the agreement may begin easing output curbs sooner, because the agreement has cleared out the glut of crude the producers aimed to reduce. Saudi Arabia is likely to push back on any efforts. Representatives from both countries are likely to discuss the matter at OPEC's upcoming meeting in Vienna, Austria on June 20-21. Oil prices are now at $68 per barrel.
Motorists can always find current gas prices along their route with the free AAA mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Locate gas prices across the country at http://gasprices.aaa.com.
AAA WCNY wants to remind members they can receive discounts at NOCO gas stations, as well as Fastrac locations. Learn more HERE. One can find the lowest prices in the area at http://aaa.opisnet.com/index.aspx.
As upstate New York's largest member services organization, AAA provides nearly 870,000 members with travel, insurance, financial and automotive-related services. Since its founding in 1900, AAA has been a leading advocate for the safety and security of all travelers. Visit AAA at www.AAA.com.

comments powered by Disqus

Hometown News