The national average price for a gallon of gasoline is $3.67, up $0.07 cents since last Monday. One year ago, the price was $4.08. The New York State average is $3.62, up $0.08 cents since last Monday. A year ago, the NYS average was $4.19.
Gas prices continue to rise. According to AAA, the main culprit is the high cost of oil, gasoline’s main ingredient, which is hovering in the low to mid $80s per barrel. The national average has risen daily since March 29. When the cost of crude oil crosses the $80 a barrel mark, that puts a lot of upward pressure on pump prices. Unfortunately, as long as oil costs remain at the current level, drivers will likely see incremental price increases for now even though demand has subsided. The Energy Information Administration (EIA) reports that gas demand decreased slightly after Easter while total domestic gasoline stocks dropped slightly as well. Lower demand would typically push pump prices down; instead, elevated oil prices have pushed them higher. If oil prices continue to rise, pump prices will follow suit.
