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):

Summer Driving Season Means Higher Demand for Gasoline

High demand and shrinking gas stocks push prices up

Today’s national average price for a gallon of gasoline is $2.79, up four cents from last week.

One year ago, the price was $2.88.

The New York State average is $2.89 – up two cents from last week.

A year ago, the NYS average was $3.01.

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

• Batavia – $2.84 (no change since last week)

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

• Ithaca – $2.85 (up four cents since last week)

• Rochester – $2.84 (down one cent since last week)

• Rome – $2.85 (up two cents since last week)

• Syracuse – $2.80 (up two cents since last week)

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

Growing demand and shrinking gas stocks are contributing to pump price increases since the Fourth of July, according to new data released by the Energy Information Administration.

For the week ending on July 5, EIA’s data revealed that total domestic stocks fell by 1.4 million barrels.

The current level is 10 million barrels lower than where it was at this point in 2018.

Demand grew to 9.8 million barrels from the previous week, which is in line with the rate in early July 2018.

If stocks continue to decrease as demand remains robust, pump prices will likely continue to increase slightly.

Due to Tropical Storm Barry, approximately 60 percent of Gulf of Mexico oil production was ceased as drilling operations were curtailed, which has helped to push crude prices higher.

The exact impact to crude prices will depend on how long the stoppage lasts and the extent of the damage caused by the storm, which has been downgraded.

Tensions in the Middle East could also impact global crude supplies.

At the close of trading on Friday, crude prices settled at $60.21.