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Gas prices jump on unexpected announcement


Mon, Apr 3rd 2023 04:30 pm

OPEC+ nations to reduce production; oil prices surge

By AAA of Western and Central New York

Today’s national average price for a gallon of gasoline is $3.50, up 6 cents since last Monday. One year ago, the price was $4.20. The New York state average is $3.47, up 5 cents since last Monday. A year ago, the NYS average was $4.30.

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

  • Batavia – $3.46 (up 10 cents from last Monday)
  • Buffalo – $3.47 (up 13 cents from last Monday)
  • Elmira – $3.46 (up 7 cents from last Monday)
  • Ithaca – $3.47 (up 2 cents from last Monday)
  • Rochester – $3.51 (up 11 cents from last Monday)
  • Rome – $3.48 (up 3 cents from last Monday)
  • Syracuse – $3.52 (up 11 cents from last Monday)
  • Watertown – $3.49 (up 4 cents from last Monday)

Oil prices soared overnight on the announcement Sunday that the Organization of the Petroleum Exporting Countries Plus, or OPEC+, will cut the production of oil by over 1 million barrels a day beginning in May. The surprise move is expected to last for the remainder of the year.

This morning, oil prices range from $80 to $84 per barrel – up over $4 from yesterday – and up from $69 to $75 per barrel one week ago.

Oil is the key ingredient in the production of gasoline. In addition, new data from the Energy Information Administration (EIA) shows gas demand increased from 8.96 million to 9.15 million barrels per day last week, as nicer weather has more drivers on the road nationwide. Meanwhile, total domestic gasoline stocks decreased by 2.9 million bbl to 226.7 million bbl. All of this is sending prices up at the pump.

As gas prices rise, diesel prices continue to fall. The national average price for a gallon of diesel is $4.20, down 4 cents from a week ago. Here in New York, the current average for diesel is $4.85, down 4 cents from last week.

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 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 862,000 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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