Gas Prices Keep Climbing Across New York as Summer Travel Nears

Drivers across New York are seeing another jump at the pump just as the busy summer travel season is getting underway.

AAA Northeast says the statewide average for a gallon of regular gas is now $4.58, up 12 cents from last week. In the Utica area, drivers are paying an average of $4.54 a gallon, compared to $4.40 one week ago.

The increase comes as oil markets continue reacting to the ongoing conflict involving Iran and uncertainty surrounding global oil supplies. Hopes for a possible peace agreement briefly pushed oil prices lower late last week, but that momentum faded Monday after talks failed to produce a deal.

Meanwhile, gasoline supplies in the U.S. continue to tighten heading into Memorial Day travel. According to the Energy Information Administration, gasoline inventories dropped by another 2.5 million barrels last week, marking the 12th straight weekly decline. Supplies are now lower than both last year and the five year average.

Even with prices climbing, demand remains strong.

“Pump prices remain under pressure from tightening domestic supplies and higher oil costs caused by the ongoing war with Iran,” said Janet Brown of AAA Northeast. “Even with higher prices, demand figures show that Americans’ appetite for travel remains undeterred, for now.”

The national average price for regular gasoline is now $4.52 per gallon. That’s up seven cents from last week and nearly 40 cents higher than a month ago. New York’s average remains slightly above the national number, ranking the state 14th highest in the country for gas prices.

Locally, prices are also much higher than this time a year ago. The average price in Utica was $3.23 per gallon one year ago, compared to today’s $4.54 average.

AAA says California continues to have the highest gas prices in the nation at $6.15 per gallon, while Oklahoma and Mississippi have the lowest averages, both below $4 a gallon.