What It Costs to Fill The Tank

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

Middle East tension pushes oil prices up, but pump prices not affected at this time

Today’s national average price for a gallon of gasoline is $2.69, down six cents from last week.

One year ago, the price was $2.89.

The New York State average is $2.87 – down three cents from last week.

A year ago, the NYS average was $3.05.

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

• Batavia – $2.80 (down three cents since last week)

• Buffalo – $2.85 (down two cents since last week)

• Ithaca – $2.78 (down six cents since last week)

• Rochester – $2.81 (down three cents since last week)

• Rome – $2.84 (down two cents since last week)

• Syracuse – $2.77 (down four cents since last week)

• Watertown – $2.82 (down six cents since last week)

The national average price for regular unleaded gasoline is $2.69 per gallon, which is six cents less than last week, 17 cents less than a month ago, and 20 cents less than a year ago.

Increased stocks of gasoline continue to push pump prices lower, according to the Energy Information Administration.

In its latest weekly petroleum report, EIA revealed that total domestic inventories of gasoline grew while demand is also up, which is common for this time of year.

As the summer driving season gets underway, increased gas stocks will help meet high demand and keep prices in line.

Crude prices increased after heightened market fears due to rising tensions in the Middle East. Last week, two tankers (one carried menthol and the other carried crude oil) in the Gulf of Oman were attacked.

Approximately 20 percent of global crude supplies flow through the waterway.

The Trump Administration attributed the attack to Iran, with Iran denying the accusation.

If tension between the U.S. and Iran escalates, the market will likely continue pushing global crude prices higher due to increased fears that more tankers could be targeted.