Gasoline prices climbed sharply over the past week, driven largely by rising crude oil costs tied to renewed conflict in the Middle East.
According to the AAA Western and Central New York, the national average price for a gallon of gasoline is now $3.48. That’s an increase of 48 cents compared to last Monday. One year ago, the national average stood at $3.09.
In New York, the statewide average is currently $3.40 per gallon, up 39 cents from last week. A year ago, the New York average was $3.14.
Regional averages reported by AAA Western and Central New York show increases across the region:
- Batavia – $3.29 (up 29 cents)
- Buffalo – $3.40 (up 34 cents)
- Elmira – $3.35 (up 57 cents)
- Ithaca – $3.40 (up 30 cents)
- Rochester – $3.40 (up 34 cents)
- Rome – $3.40 (up 28 cents)
- Syracuse – $3.39 (up 41 cents)
- Watertown – $3.46 (up 43 cents)
The spike comes as crude oil prices climbed above $100 per barrel, a level not seen since the early stages of the Russian invasion of Ukraine. Oil prices have a significant influence on gasoline costs, as roughly 60 percent of the price consumers pay at the pump is tied directly to crude oil.
AAA says the last time the national average saw a similar jump was in March 2022 during the start of the Russia-Ukraine conflict.
Seasonal factors may also contribute to higher prices. Gasoline prices often rise in the spring as demand increases and refineries switch to producing summer-blend fuel, which includes additional additives designed to reduce evaporation in warmer temperatures.
Data from the U.S. Energy Information Administration shows U.S. gasoline demand and supply have declined slightly in recent weeks, while production has increased.
Diesel prices have also risen sharply. The national average for diesel is now $4.66 per gallon, up 89 cents over the past week. In New York, the average price for diesel stands at $4.75, an increase of 74 cents.
