Oil market continues to react to Russia-Ukraine war: NYS average tops $4 per gallon

By AAA of Western and Central New York

Today’s national average price for a gallon of gasoline is $3.84, up 23 cents since Monday. One year ago, the price was $2.75. The New York state average is $4.05, up 25 cents since Monday. A year ago, the NYS average was $2.81.

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

• Batavia – $3.97 (up 22 cents since Monday)
• Buffalo – $4.03 (up 28 cents since Monday)
• Ithaca – $4.03 (up 22 cents since Monday)
• Rochester – $4.06 (up 27 cents since Monday)
• Rome – $4.04 (up 24 cents since Monday)
• Syracuse – $4.03 (up 28 cents since Monday)
• Watertown – $4.06 (up 27 cents since Monday)

This morning, oil prices are at $110 per barrel and up as they were yesterday. Oil prices have a direct impact on gas prices, and they are at the highest level seen in more than a decade. Like the U.S. stock market, the oil market responds poorly to volatility. It’s an explosive situation, and a grim reminder that events on the far side of the globe can have a ripple effect for American consumers. The market will likely continue to increase the price of oil as sanctions are imposed on Russia. A potential ban of crude imports from Russia to the U.S. or other countries will likely cause prices to continue to rise to reflect more risk of disruption to tight global oil supplies.

The increase at the pump has many local drivers in sticker shock. Meanwhile, the average price for a gallon of gasoline in California this morning is $5.07.

To help counter the impact of rising oil prices, the International Energy Agency (IEA) has coordinated a release of 60 million barrels of crude oil from its 31 member countries’ strategic reserves, including the U.S., Germany, Canada, South Korea and Mexico. That was announced Wednesday and has not yet offered any relief at the pump. Russia is one of the top oil-producing countries, and oil flows daily from Russia around the globe.

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. Get more tips here: https://gasprices.aaa.com/news/fuel-saving-tips/.

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. Join now at 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.