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Monday, April 24, 2017

Gasoline prices increase with demand

All WNY News     Monday, April 24, 2017    

STAFF REPORTS
news@allwnynews.com



The price of gasoline in Buffalo and Rochester each increased a penny per gallon to $2.49 and $2.47 respectively, according to AAA of Western and Central New York.

The national average price for regular unleaded gasoline is now $2.42 per gallon, up one cent from last week. One year ago, the price was $2.13. The New York State average is up two cents from last week at $2.54 per gallon. A year ago, the NYS average was $2.30.

More drivers are beginning to hit the road with the advent of the spring/summer driving season and refiners are completing switchovers to more expensive summer blends.

Demand continues to grow steadily, with total U.S. petroleum deliveries in March reaching their highest point for this time of the year since 2008, according to the American Petroleum Institute. With uncertainty surrounding OPEC’s ability to extend cuts and increased production from other global producers, it is unclear when crude oil inventories will balance. Market watchers will continue to monitor OPECs efforts to rebalance global oil supply and impact crude oil prices.

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