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Monday, April 03, 2017

Gas prices on the rise

All WNY News     Monday, April 03, 2017    

STAFF REPORTS
news@allwnynews.com



The price of gas is up locally, across the state and nationwide this week, according to AAA of Western and Central New York.

In Buffalo, the price is $2.40 for regular unleaded gasoline, up a penny from a week ago. In Rochester, the price is also up a penny to $2.35.

The national average price for regular unleaded gasoline is now $2.33 per gallon, up four cents from last week. One year ago, the price was $2.06. The New York State average is up one cent from last week at $2.43 per gallon. A year ago, the NYS average was $2.17.

Though the increase in prices has been moderate, it is possible this trend could continue as more expensive summer-blend gasoline becomes available and driving demand increases this spring.

The market saw gains and losses Friday as speculators weighed the possibility of OPEC extending its production cuts.

Ultimately, the market closed with slights gains bringing the price of crude oil futures above $50 a barrel.  Additional factors affecting market prices include political friction in Libya, which lead to militia forces shutting off access to two oilfields causing a disruption in oil production. This disruption in output from Libya did give a lift to the market, but it remains unclear what lasting impact it might have on crude oil prices.

Demand for gasoline is also on the rise as many families head out on road trips for Easter to warmer destinations.

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