Strong demand has boosted pump prices, while U.S. share of global gas market grows

Gasoline prices at the pump continued their steady rise this past week as demand continued strong. Monday's national average price for a gallon of regular unleaded gas was $2.66, up 5 cents compared to the previous Monday, according to AAA Western and Central New York (AAA WCNY). The New York state average Monday was $2.77, up 4 cents from the previous Monday.

Both average figures continued to be significantly higher than they were this time last year: $2.32 nationally and $2.44 for New York in 2017.

The average price Monday in the Rochester area was $2.70 per gallon, with the lowest price found at $2.51, according to gasbuddy.com.

Boosting the gas prices this past week were strong demand globally — 9.2 million barrels per day last week, tightening stocks and spring break travel. According to the Energy Information Administration’s latest weekly report, the United States sent nearly 1.1 million b/d of gasoline to other countries last week — the fourth largest export rate on record and the highest so far in 2018.

Thanks to high levels of gasoline production, amid higher than usual domestic demand, the U.S. has gained more of the share of the global market for gasoline, according to AAA WCNY. Mexico, Guatemala and Canada remain top gas importers from the U.S., with exports to Mexico accounting for 44 to 53 percent of total U.S. gas exports over the past five years, AAA noted.

 

Closer to home

AAA Western and Central New York (AAA WCNY) reports the following averages:


Batavia — $2.68 (up 1 cent in past week)
Buffalo — $2.71 (up 2 cents in past week)
Ithaca — $2.73 (up 3 cents in past week)
Rochester — $2.71 (up 1 cent in past week)
Rome — $2.74 (up 3 cents in past week)
Syracuse — $2.71 (up 1 cent in past week)
Watertown — $2.78 (up 5 cents in past week)