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Gas prices inch closer to $5 per gallon


Mon, May 23rd 2022 09:55 am

By AAA of Western and Central New York

Today’s national average price for a gallon of gasoline is $4.60, up 12 cents from last week. One year ago, the price was $3.04. The New York state average is $4.93, up 17 cents from last week. A year ago, the NYS average was $3.07.

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

√ Batavia – $4.82 (up 17 cents from last week)

√ Buffalo – $4.82 (up 19 cents from last week)

√ Elmira – $4.85 (up 17 cents from last week)

√ Ithaca – $4.86 (up 19 cents from last week)

√ Rochester – $4.88 (up 18 cents from last week)

√ Rome – $4.87 (up 15 cents from last week)

√ Syracuse – $4.86 (up 20 cents from last week)

√ Watertown – $4.89 (up 18 cents from last week)

Pump prices are inching closer to $5 per gallon across New York as the Memorial Day holiday approaches. AAA research finds that three-quarters (75%) of U.S. adults say they would change their driving habits or lifestyle if the cost of gasoline rises to $5 per gallon. Younger and older adults respond to gas price increases the same way.

According to the latest data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased while gasoline demand increased. Tighter supply and increased demand have pushed pump prices higher. This supply/demand dynamic, combined with volatile crude prices, will likely continue to keep upward pressure on pump prices.

This morning, oil prices remain over $110 per barrel. Last week, crude prices dropped temporarily over market concerns about the likelihood of a recession. If a recession occurs, crude demand would likely decrease amid slower economic activity. Crude prices then recovered and increased over geopolitical concerns involving Russia and Ukraine.

Meanwhile, the national average for diesel fuel is at $5.55. One year ago, the price was $3.18. In New York, the average price for diesel is $6.52. One year ago, the price was $3.23.

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.

AAA members receive discounts at gas stations such as Fastrac, Maple Leaf Market and Shell. Learn more here. AAA members can save on gas by joining the Fuel Rewards at Shell program. Join 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.

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