Weekly Feature

2017-04-20 / Business

Gas prices see yet another jump, according to AAA

The national average price for regular unleaded gasoline is now $2.41 per gallon, up two cents from last week. One year ago, the price was $2.11. The New York state average is up four cents from last week at $2.52 per gallon. A year ago, the NYS average was $2.27.

AAA Western and Central New York reports the following averages:

• Buffalo - $2.48, up 3 cents.

• Rochester - $2.46, up 5 cents.

• Syracuse - $2.45, up 5 cents.

National gas prices have been increasing daily. After gas prices reached a 19-month high one week ago, they continue to climb steadily as more expensive summer-blend gasoline becomes available and spring travelers hit the road for the holiday weekend and spring break.

OPEC released its monthly report last week, which showed solid economic growth and higher gasoline demand in the U.S. and Asia. These contributing factors should result in a reduction in crude price volatility and increased market stability.

The International Energy Agency also released its monthly report last week. It stated that the global oil market could be very close to balancing supply and demand. However, IEA noted in the absence of OPEC extending its production cuts, the second half of the year could be more volatile due to a tighter U.S. supply and lower global oil demand.

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