What It Costs to Fill The Tank
A look at the latest gas prices in the region (provided by AAA):
Decreasing stocks and growing demand push pump prices up
Today’s national average price for a gallon of gasoline is $2.72, up six cents from last week.
One year ago, the price was $2.85.
The New York State average is $2.87 – up two cents 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 – $2.82 (up five cents since last week)
• Buffalo – $2.86 (up two cents since last week)
• Ithaca – $2.80 (up six cents since last week)
• Rochester – $2.85 (up five cents since last week)
• Rome – $2.84 (up one cent since last week)
• Syracuse – $2.79 (up five cents since last week)
• Watertown – $2.80 (up two cents since last week)
Pump prices have increased as gasoline stocks decreased and demand remains robust.
As gas stocks continue to dwindle, the busy summer driving season is now underway and American motorists are seeing pump prices increase as we approach the Fourth of July.
OPEC and its partners are meeting in Vienna and more market tightening may occur if the cartel decides to extend its current production reduction agreement through the end of the year.
Additionally, China and the U.S. met at the G-20 summit in Osaka, Japan, to discuss trade negotiations between the world’s two largest economies.
There is growing global concern that an escalation of tensions could decrease demand for crude for the remainder of the year.
Meanwhile, Philadelphia Energy Solution’s refinery will shut down within the next month.
This news follows an explosion and two fires within the last few weeks at the South Philadelphia complex.
This is the oldest and largest refinery on the East Coast, producing 335,000 barrels of crude per day (42 U.S. gallons per barrel).
That shutdown is also affecting regional gas prices.