Today’s national average price for a gallon of gasoline is $2.88, which is up just a penny from last week. One year ago, the price was $2.25. The New York State average is $3.01, which is down one cent from last week. A year ago, the NYS average was $2.41. AAA Western and Central New York (AAA WCNY) reports the following averages:
· Batavia - $2.97 (up 1 cent since last week)
· Buffalo - $3.00 (no change since last week)
· Ithaca - $2.91 (no change since last week)
· Rochester - $2.96 (down 2 cents since last week)
· Rome - $2.97 (down 1 cent since last week)
· Syracuse - $2.92 (up 1 cent since last week)
· Watertown - $3.06 (up 2 cents since last week)
Gas prices increased slightly following new data from the Energy Information Administration (EIA) that showed gasoline stocks fell by 700,000 bbl last week. Moreover, gasoline production fell slightly by approximately 130,000, landing at 10.17 million b/d.
Tighter supplies amid robust summer demand push gas prices higher, while the higher cost of crude this summer over last summer continues to contribute to higher pump prices.
Crude prices have trended higher this week after EIA's weekly petroleum report revealed that total crude oil stocks fell an astonishing 12.7 million bbl last week. EIA has not recorded a decline of that size since October 2016. EIA data measures stocks at 405.2 million bbl, which are roughly 90 million bbl lower than they were at this time last year. This puts a continued spotlight on tightening U.S. supplies, which are likely to continue dropping as domestic demand for gasoline holds strong, while crude and gasoline exports from the U.S. remain robust. If these trends continue amid high global crude demand, oil prices may continue riding high and contribute to increased pump prices throughout the summer and possibly into the fall.
Motorists can always find current gas prices along their route with the free AAA Mobile app for iPhone, iPad, and Android. The app can also be used to map a route, find discounts, book a hotel, and access AAA roadside assistance. Locate gas prices across the country at http://gasprices.aaa.com.