Gas Prices Continue to Increase

Gas Prices Continue to Increase

Gas Prices Increase
U.S. Ramps Up Oil Production
Elizabeth Carey

Today’s national average price for a gallon of gasoline is $2.61, which is up three cents from one week ago. One year ago, the price was $2.27. The New York State average is $2.78, up four cents from last week. A year ago, the NYS average was $2.49.

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

  • Batavia - $2.68 (up 4 cents in past week)
  • Buffalo - $2.69 (up 2 cents in past week)
  • Ithaca - $2.74 (up 3 cents in past week)
  • Rochester - $2.71 (up 2 cents in past week)
  • Rome - $2.77 (up 3 cents in past week)
  • Syracuse - $2.71 (up 3 cents in past week)
  • Watertown - $2.79 (up 3 cents in past week)

U.S. crude oil production jumped last week after a report showed that, for the first time since November 1970, U.S. crude oil production topped 10 million b/d (barrels per day) in November 2017. The Energy Information Administration’s (EIA) reports this new record in their latest monthly crude production report released last week. U.S. production grew in November after a highly active hurricane season slowed end-of-summer production. November’s production level was up 4% compared to October 2017 and a little more than 13% higher than output from November 2016. The new record is shattered earlier than expected. Last year, analysts forecasted the U.S. production rate to break record in 2018.

Strong compliance with OPEC’s production reduction agreement, which will be in place through the end of 2018, and steady growth in global oil demand have helped to ease market concerns that growing U.S. production could spoil efforts to rebalance the global oil market.

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.