Middle East tension pushes oil prices up, but pump prices not affected at this time
By AAA of Western and Central New York
Monday’s national average price for a gallon of gasoline is $2.69, down 6 cents from last week. One year ago, the price was $2.89. The New York state average is $2.87 – down 3 cents from last week. A year ago, the state average was $3.05.
AAA Western and Central New York (AAA WCNY) reports the following averages:
The national average price for regular unleaded gasoline is $2.69 per gallon, which is 6 cents less than last week, 17 cents less than a month ago, and 20 cents less than a year ago. Increased stocks of gasoline continue to push pump prices lower, according to the Energy Information Administration. In its latest weekly petroleum report, EIA revealed total domestic inventories of gasoline grew while demand is also up, which is common for this time of year. As the summer driving season gets underway, increased gas stocks will help meet high demand and keep prices in line.
Crude prices increased after heightened market fears due to rising tensions in the Middle East. Last week, two tankers (one carried menthol and the other carried crude oil) in the Gulf of Oman were attacked. Approximately 20 percent of global crude supplies flow through the waterway. The Trump administration attributed the attack to Iran, with Iran denying the accusation. If tension between the U.S. and Iran escalates, the market will likely continue pushing global crude prices higher due to increased fears that more tankers could be targeted.
AAA members receive discounts at NOCO gas stations, as well as Fastrac locations and at Shell locations across the country. Learn more here. One can find the lowest prices in the area at http://aaa.opisnet.com/index.aspx.
Motorists can 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.
As upstate New York’s largest member services organization, AAA Western and Central New York provides more than 880,000 members with travel, insurance, financial and automotive-related services. Since its founding in 1902, AAA has been a leading advocate for the safety and security of all travelers. Visit AAA at www.AAA.com.