Monday’s national average price for a gallon of gasoline is $3.60, up 10 cents since last week. One year ago, the price was $4.12. The New York State average is $3.54, up 7 cents since last Monday. A year ago, the NYS average was $4.24.
Gas prices are up across the board as the price of oil, the primary ingredient in the production of gasoline continues to move higher in the wake of the OPEC+ decision to cut oil production by over 1 million barrels a day beginning in May. Monday morning oil prices ranged from $81 to $85 per barrel, a slight increase from last week. In addition to the rise in the price of oil, new data from the Energy Information Administration (EIA) shows gas demand increased slightly from 9.15 to 9.3 million b/d last week while supply decreased by 4.1 million bbl to 222.6 million bbl.
The combination of more expensive oil, greater demand, and tighter supply is moving gas prices higher at the pump.
