What It Costs to Fill The Tank

What It Costs to Fill The Tank

A look at the latest gas prices in the region (provided by AAA):

Mixed Gas Prices Across the Region

11 years ago, New Yorkers were paying $4.31 per gallon

Today’s national average price for a gallon of gasoline is $2.75, up three cents from last week.

One year ago, the price was $2.86.

The New York State average is $2.87 – no change from last week.

A year ago, the NYS average was $3.02.

AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia – $2.84 (up two cents since last week)

• Buffalo – $2.86 (no change since last week)

• Ithaca – $2.81 (up one cent since last week)

• Rochester – $2.85 (no change since last week)

• Rome – $2.83 (down one cent since last week)

• Syracuse – $2.78 (down one cent since last week)

• Watertown – $2.80 (no change since last week)

Nearly eleven years ago to the day, on July 9, 2008, New Yorkers were paying the highest recorded gas prices on record at $4.31 per gallon.

That makes today’s New York State average, which has held steady over the holiday week at $2.87, seem bearable.

Demand was high over the past week as travelers enjoyed Independence Day getaways and celebrations, which has led to a decrease in gasoline stocks.

As gas stocks continue to dwindle, the busy summer driving season is now underway so elevated demand is expected to continue.

Philadelphia Energy Solutions announced recently that they will permanently close the South Philadelphia refinery this month, which is the oldest and largest refinery on the East Coast.

The announcement came following a June fire and explosion at the refinery, which produces 335,000 barrels of crude per day (42 U.S. gallons per barrel).

While gasoline stocks from Canada, neighboring refineries, and the Colonial Pipeline will help backfill supply, retailers will likely face increased transportation costs which could drive up prices in the Northeast and surrounding regions.