AAA Gas Prices Report June 14, 2021: Gas Prices Jump Across The Region

by Contributor | June 14, 2021 8:24 am

CENTRAL NEW YORK – Today’s national average price for a gallon of gasoline is $3.08, up three cents in the past week. One year ago, the price was $2.10. The New York State average is $3.11 – up two cents from last week. A year ago, the NYS average was $2.22.

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

• Batavia – $3.08 (up six cents since last Monday)
• Buffalo – $3.04 (up three cents since last Monday)
• Ithaca – $3.05 (up two cents change since last Monday)
• Rochester – $3.07 (up four cents since last Monday)
• Rome – $3.17 (up two cents since last Monday)
• Syracuse – $3.06 (up two cents since last Monday)
• Watertown – $3.15 (up one cent since last Monday)

Motorists are in for an unpleasant surprise at gas pumps this week as prices jumped across the region. Gas demand dropped following Memorial Day travel while total domestic gas stocks increased – typically, lower gas demand amid growing stocks would help push pump prices down, but the increasing price of crude has pushed prices up instead.

Last week, crude prices crossed the $70/bbl threshold, a point not seen since mid-October 2018. Crude prices have increased due to optimism that vaccine rollout will continue to help crude demand recover and after the U.S. Consumer Price Index showed that prices increased by 5% in May, compared to last year, a larger increase than expected.

The new report is fanning market concerns that inflation is driving prices higher. Weeks ago, analysts predicted that gas prices would drop by Father’s Day, but if domestic crude prices remain high, American drivers will likely continue to see pump prices fluctuate through the end of the month.

Source URL: https://oswegocountytoday.com/news/aaa-gas-prices-report-june-14-2021-gas-prices-jump-across-the-region/

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