Gas prices continue climb to near $5 a gallon
Gas prices continued to jump in the past week by an average of 17 cents statewide and are now close to $5 for regular unleaded.
AAA reports this morning that the average price for regular unleaded in the state is at $4.933, which is a record high. The diesel price this morning is at $6.515, which is down about 3 cents from the record high of $6.542 on May 19, AAA reported.
The $4.933 price for regular unleaded compares to $4.759 a week ago, $4.233 a month ago and $3.072 a year ago.
The diesel price was $5.306 a month ago and $3.229 a year ago, AAA said.
The average prices in Western New York counties include:
- Orleans, $4.879
- Niagara, $4.755
- Genesee, $4.821
- Wyoming, $4.819
- Monroe, $4.883
- Livingston, $4.879
- Erie, $4.841
- Chautauqua, $4.731
- Cattaraugus, $4.708
- Allegany, $4.773
AAA issued this news release this morning:
“Pump prices are inching closer to $5 per gallon across New York as the Memorial Day holiday approaches. AAA research finds that three-quarters (75%) of US adults say they would change their driving habits or lifestyle if the cost of gasoline rises to $5.00 per gallon. Younger and older adults respond to gas price increases the same way.
“According to the latest data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased while gasoline demand increased. Tighter supply and increased demand have pushed pump prices higher. This supply/demand dynamic, combined with volatile crude prices, will likely continue to keep upward pressure on pump prices.
“This morning, oil prices remain over $110 per barrel. Last week, crude prices dropped temporarily over market concerns about the likelihood of a recession. If a recession occurs, crude demand would likely decrease amid slower economic activity. Crude prices then recovered and increased over geopolitical concerns involving Russia and Ukraine.”