New York is again seeing its average gasoline prices tick up. According to AAA of Western and Central New York, on Monday, the New York State average is $3.47, up two cents from one week ago. One year ago, the state average was $3.53. Nationally, the average price of gas went up six cents to $3.60 from last Monday.
Diesel prices are down two cents statewide from one week ago to $4.38 a gallon.
Despite ominous overseas news, a surge in domestic gasoline demand, and oil prices rising to the mid-$80s per barrel, the national average for a gallon of gasoline climbed six cents to $3.60 since last week. Oil prices have spiked recently due to renewed Ukrainian attacks on Russia’s oil infrastructure and increasing tension in the Middle East. Since the cost of oil accounts for roughly 60% of what motorists pay at the pump, there will likely be some upward pressure on prices at the pump nationally.
According to recent data from the Energy Information Administration (EIA), gasoline demand rose last week, while supply decreased slightly. Higher demand and rising oil prices will likely nudge pump prices higher soon. However, the upward trend in gas prices is not unusual for this time of year, as many regions of the U.S. begin to transition to the more expensive summer blend of gasoline, which tends to increase pump prices by 10 to 15 cents.
Diesel prices remain relatively steady. The national average price for diesel is $4.04, up two cents from last Monday. The New York average is $4.38, down two cents from a week ago.
