According to AAA of Western and Central New York, today’s New York State average price for a gallon of gasoline is $3.37, up three cents from one week ago. A year ago, the average was $3.44. The national average price for a gallon of gasoline is $3.47, up seven cents from last Monday. One year ago, the price was $3.45.
Diesel prices remain relatively steady. The national average price for diesel is $4.03, no change from last Monday. The New York average is $4.39, down one cent from a week ago.
The national average for a gallon of gas continues to bump higher as we move closer to the official start of Spring. The main driver for the increase is a spike in oil prices, which are trading in the low 80s per barrel this morning. Oil is the main ingredient in the production of gasoline. In addition, demand for gas has become stronger with daylight saving time. The latest data from the Energy Information Administration (EIA) reveals gas demand increased slightly over the last week, while domestic supply has fallen. Higher demand amid tightening supply has helped push pump prices higher along with the rise in oil prices.
The upward trend in gas prices is not unusual this time of year. Another critical factor is the arrival of more expensive summer blend gas, which tends to increase pump prices by 10 to 15 cents. That transition is underway in some parts of the country.
