Gas closes out 2016 at highest price for the year

Posted 26 December 2016 at 9:22 am

Press Release, AAA

Gas prices are up to close out 2016. The national average price for regular unleaded gasoline is now $2.29 per gallon, up five cents from last week. The New York State average is $2.47 per gallon, up four cents from last week. A year ago, the NYS average was $2.24.

AAA Western and Central New York reports the following averages:

• Buffalo – $2.40, up 2 cents

• Rochester – $2.41, up  4 cents

• Rome – $2.44, up 4 cents

• Syracuse – $2.37, up 3 cents

This is the highest the New York State average has been all year. Prices continue to rise due to market expectations of tighter availability following the announcement of an OPEC deal to cut oil production that is scheduled to start in January 2017.

In reaction to the OPEC agreement, U.S. interest in oil production has increased and drillers added 12 new oil rigs in the last week, bringing the total oil-rig count to 510 rigs nationwide, according to Baker Hughes Inc. Traders will continue to watch how OPEC and non-OPEC members move forward with the terms of the agreement and how U.S. oil producers react.

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