Today’s national average price for a gallon of gasoline is $2.87, which is up just a penny from last week. One year ago, the price was $2.26. The New York State average is $3.02, which is up one cent from last week. A year ago, the NYS average was $2.42. AAA Western and Central New York (AAA WCNY) reports the following averages:

• Batavia - $2.96 (down 1 cent since last week)
• Buffalo - $3.00 (no change since last week)
• Ithaca - $2.91 (up 2 cents since last week)
• Rochester - $2.98 (up 2 cents since last week)
• Rome - $2.98 (down 1 cent since last week)
• Syracuse - $2.91 (no change since last week)
• Watertown - $3.04 (down 1 cent since last week)

Crude prices trended lower last week following EIA’s report that showed U.S. crude oil inventories increased by a total of 1.3 million bbl last week. This is the first time in three weeks the U.S. has seen a build in inventories, which typically see drawdowns throughout the summer. At 417.9 million bbl, crude inventories in the U.S. are 85 million bbl lower than they were at this time last year. 

The surprise build in total crude stocks gave market observers pause amid a slew of other factors influencing the oil market, including increasing geopolitical factors – in Iran, Libya, and Venezuela – potentially destabilizing global supply. This week, market observers will be watching these factors to determine the impact on supply. If it appears that supply could be reduced, prices may increase – supporting higher gas prices than last summer.
 

Motorists can always find current gas prices along their route with the free AAA Mobile app for iPhone, iPad, and Android. The app can also be used to map a route, find discounts, book a hotel, and access AAA roadside assistance. Locate gas prices across the country at http://gasprices.aaa.com.

AAA WCNY wants to remind members that they can receive discounts at NOCO gas stations, as well as Fastrac locations. Learn more here. You can find the lowest prices in your area at http://aaa.opisnet.com/index.aspx.