UTICA – Average gas price in New York is up 18 cents from last week ($4.26), with an average of $4.44 per gallon. Monday’s price was 76 cents higher than a month ago ($3.68) and $1.55 higher than March 14, 2021 ($2.89). The average gas price in New York is 12 cents higher than the national average.
After peaking above $123 a barrel shortly after Russia invaded Ukraine, the price of crude oil gradually fell below $110. If this trend continues, it could remove some of the extreme upward pressure on prices that consumers have seen at the pumps, but not all, according to industry experts.
“It’s worth remembering that the cost of oil is about 50% of what drivers pay at the pump,” says Patti Artessa, regional director of public/government affairs for AAA Northeast. “This war is upsetting an already tight global oil market and it is difficult to determine whether we are close to a peak for prices at the pump, or if they continue to climb. It all depends on the direction of oil prices.
AAA Northeast’s March 14 fuel price survey found the current national average to be 26 cents higher than last week ($4.06), averaging $4.32 per gallon.
Monday’s national average price was 84 cents higher a month ago ($3.48) and $1.47 higher than today a year ago ($2.85).