If you have noticed a substantial increase in what you are paying for gas over the last week, you’re not alone.
AAA of Western and Central New York reported on Monday the New York State average is $3.69, up 18 cents from last Monday. The state average is the same as it was one year ago this week. AAA cites a return to the more expensive summer blend of fuel and tensions in the Middle East as reasons for the recent rise in oil prices.
According to AAA, the cost of crude oil has since fallen back down to the mid-$80s per barrel as the oil market watches for any further military actions.
According to new data from the Energy Information Administration (EIA), gas demand rose slightly last week while total domestic stocks decreased slightly. Higher demand and a rise in oil prices could push pump prices higher. AAA said it is not unusual to see a lull in gasoline demand this time of year, between the end of spring breaks and ahead of the Memorial Day holiday. The national average for gas may continue to waffle with small increases, some flat days, and even some price dips over the next few weeks.
Diesel prices remain relatively steady. The New York average is $4.40, up one cent from a week ago.
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