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Oil prices drive gas prices up

Submitted

Mon, Feb 1st 2021 12:20 pm

National average price rises closer to last year’s price

By AAA of Western and Central New York

Today’s national average price for a gallon of gasoline is $2.42, up 2 cents from last week. One year ago, the price was $2.48. The New York average is $2.51 – up 2 cents from last week. A year ago, the state average was $2.66.

AAA Western and Central New York (AAA WCNY) reports the following averages:

  • Batavia – $2.39 (up 1 cent since last week)
  • Buffalo – $2.43 (up 1 cent since last week)
  • Ithaca – $2.47 (no change since last week)
  • Rochester – $2.46 (up 1 cent since last week)
  • Rome – $2.53 (up 2 cents since last week)
  • Syracuse – $2.43 (up 1 cent since last week)
  • Watertown – $2.54 (up 2 cents since last week)

The national average for a gallon of regular gasoline is now $2.42, only 6 cents less than last year at this time. Local prices still have a larger disparity compared to last year. Pump prices are increasing while gas demand is dropping, according to data from the Energy Information Administration. Although gas demand dropped, and total refinery utilization decreased, pump prices have increased moderately, signaling that expensive crude oil prices are driving the price.

As of this morning, WTI crude is priced over $52 a barrel. Recently market concerns signaled that crude demand may take more time than expected to recover this year due to new coronavirus infections and associated travel restrictions.

Motorists can benefit from comparing pump prices before filling up with the AAA mobile app – a convenient option to find the lowest gas prices in a given area. Plus, the app is the quickest way to request roadside assistance. Learn more at www.AAA.com/Mobile.

AAA members receive discounts at gas stations such as Fastrac, Maple Leaf Market and Shell locations across the country. Learn more here. 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.

As Upstate New York’s largest member services organization, AAA Western and Central New York provides more than 887,000 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.

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