Russia-Ukraine tensions continue to push up oil prices
Submitted by AAA of Western and Central New York
Monday’s national average price for a gallon of gasoline is $3.44, up 7 cents from last week. One year ago, the price was $2.46. The New York state average is $3.59, up 4 cents from last week. A year ago, the New York state average was $2.56.
AAA Western and Central New York (AAA WCNY) reports the following averages:
√ Batavia – $3.52 (up 1 cent from last week)
√ Buffalo – $3.53 (up 4 cents from last week)
√ Ithaca – $3.58 (up 4 cents from last week)
√ Rochester – $3.58 (up 3 cents from last week)
√ Rome – $3.63 (up 5 cents from last week)
√ Syracuse – $3.55 (up 4 cents from last week)
√ Watertown – $3.58 (up 4 cents from last week)
According to the Energy Information Administration (EIA), total domestic gasoline stocks have grown, while gasoline demand has dropped recently. An increase in total stocks and a decrease in demand typically put downward pressure on pump prices, but rising crude prices continue to push prices higher instead. If crude prices continue to climb, pump prices will likely follow suit.
Crude prices are now topping $90 per barrel. The tension between Russia and Ukraine continues to contribute to rising oil prices. Russia is a member of OPEC+, and any sanctions based on their actions toward Ukraine may cause it to withhold crude oil from the global market. Moreover, OPEC+ announced this week it will stick to its plan to increase crude production by 400,000 barrels per day next month despite calls for a greater increase to help meet demand. Additionally, EIA reported that total domestic crude stocks decreased, contributing to pressure on domestic crude prices.
To conserve fuel, motorists should map routes, avoid peak traffic times like rush hour, and combine errands into one trip while using cruise control when possible. Drivers should also make sure tire pressure is at the vehicle’s recommended level for the best gas mileage while removing any unnecessary and bulky items from the car since it takes more fuel to accelerate a heavy vehicle.
Motorists can benefit from comparing pump prices before filling up with the AAA mobile app for iPhone, iPad and Android – a convenient option to find the lowest gas prices in a given area. Plus, the app is the quickest way to request roadside assistance, map a route, find discounts, or book a hotel.
AAA members receive discounts at gas stations such as Fastrac, Maple Leaf Market and Shell locations across the country. Learn more here. AAA members can save on gas by joining the Fuel Rewards at Shell program (AAA.com/Shell).
Motorists can also locate gas prices across the country and stay up-to-date on the latest news and fuel-saving tips 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.