Gas prices on the rise as demand increases
By AAA of Western and Central New York
Today’s national average price for a gallon of gasoline is $5.01, up 14 cents from last Monday. One year ago, the price was $3.08. The New York state average is $5.04, up 13 cents since last Monday. A year ago, the NYS average was $3.11.
AAA Western and Central New York (AAA WCNY) reports the following averages:
√ Batavia – $4.92 (up 17 cents from last Monday)
√ Buffalo – $4.90 (up 18 cents from last Monday)
√ Elmira – $4.98 (up 20 cents from last Monday)
√ Ithaca – $4.97 (up 18 cents from last Monday)
√ Rochester – $4.98 (up 19 cents from last Monday)
√ Rome – $4.98 (up 19 cents from last Monday)
√ Syracuse – $4.97 (up 23 cents from last Monday)
√ Watertown – $4.96 (up 16 cents from last Monday)
According to the latest data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased, while gasoline demand increased as drivers continue to fuel up for the summer driving season – typically a time when gas demand increases. This dynamic between decreased supply and increased demand is contributing to rising prices at the pump. This, coupled with increasing crude oil prices, means that the price of gas will likely remain elevated for the near future.
This morning, oil prices are at about $118 per barrel. Crude prices surged last week in response to global supply concerns amid expected demand increases, particularly as China emerges from lockdowns. As a result, the current storage level is approximately 12% lower than a year ago, contributing to rising crude prices.
Locally, prices decreased in early June as the gas tax cap went into effect in New York, but the cap wasn’t enough to offset rising pump prices. Gas prices across the country are increasing rapidly due to high oil prices and increased demand.
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.