Gas in New York Increased By $1, No Signs of Slowing Down
New Yorkers are paying over a dollar more at the pump than one year ago. Experts believe prices will continue to rise.
Since last Monday, the national average for a gallon of regular gasoline has increased by five cents to $3.53. The national average for a gallon of gas one year ago was 90 cents cheaper. Prices have risen nearly 30 cents in the past month.
New York State reported an eight-cent increase in the past week. That's one of the largest increases in the nation, according to AAA.
Total domestic gasoline stocks decreased by 1.3 million bbl to 247.1 million bbl last week, according to new data from the Energy Information Administration. On the other hand, gasoline demand decreased from 9.13 million b/d to 8.57 million b/d.
"Typically, a decrease in gas demand during winter would put downward pressure on pump prices, but elevated crude prices continue to push pump prices higher. Pump prices will likely rise if crude prices continue to climb," AAA states.
The tension between Russia and Ukraine is contributing to rising oil prices, officials say.
“This shows how events on the other side of the globe can have a noticeable impact right here in the U.S,” AAA spokesperson Andrew Gross said. “And unfortunately for drivers, they are reminded of this by higher prices at the pump. Unfortunately for consumers, it does not appear that this trend will change anytime soon.”
President Biden is expected to issue new sanctions against Russia on Tuesday. This comes after Russia is reportedly taking the first step toward military action in Ukraine. Troops were reportedly moving into two breakaway areas early Tuesday morning.
This could mean more pain at the pump for Empire State residents. The average price for a gallon of gas in New York is $3.75. One month ago it was $3.50. A year ago it cost $2.70 for a gallon of gas in New York.
Below are the averages from New York State, according to Triple-A: