Gas Prices Continue to Increase

Gas Prices Continue to Increase

Gas Prices Increase
Demand vs. production to blame
Lindsay Kensy

Today’s national average price for a gallon of gasoline is $2.58, which is up four cents from one week ago. One year ago, the price was $2.28. The New York State average is $2.74, up four cents from last week. A year ago, the NYS average was $2.51.

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

  • Batavia - $2.64 (up 4 cents in past week)
  • Buffalo - $2.67 (up 3 cents in past week)
  • Ithaca - $2.71 (up 5 cents in past week)
  • Rochester - $2.69 (up 6 cents in past week)
  • Rome - $2.74 (up 5 cents in past week)
  • Syracuse - $2.69 (up 6 cents in past week)
  • Watertown - $2.76 (up 5 cents in past week)

 

Gas prices across the nation have moved higher this week, following the Energy Information Administration’s (EIA) latest weekly petroleum report showing that total gasoline inventories were up by 3.1 million bbl for the week ending on January 19. The increase marked the 11th consecutive week of growth in stocks amid lower winter demand from U.S. drivers. However, stocks are still just over 9 million bbl lower than the level at the same time last year, signaling that gasoline demand has not been strong enough to chip away at the high levels of gasoline production from refineries.

Since 2014, gas prices decreased as much as 20 cents in the first three weeks of the year. This year, gas prices have continued to increase throughout January, a possible indication that prices in 2018 will likely be more expensive than last year.

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.

AAA WCNY wants to remind members that they can receive discounts at NOCO gas stations, as well as Fastrac locations. Learn more here. You can find the lowest prices in your area at http://aaa.opisnet.com/index.aspx.