NEW YORK (WWTI) — Gas prices have officially exceeded $4 across New York State.
This was confirmed in a report from AAA Western and Central New York on Friday morning. According to AAA, overnight, the average price of gas in New York jumped 12 cents, resulting in its average reaching $4.05 on March 4. This is also a 25 cent increase since the previous report on Monday, February 28.
The national average remained below $4 on Friday morning as it was logged in at $3.85. This was still a 23 cent increase since Monday.
Prices at the pump in Watertown also followed this trend. As of March 4, the average price for gas was $4.06, which was 27 cents above the average recorded on February 28. Below are additional average reported by AAA on March 4:
- Batavia: $3.97, up 22 cents since Monday
- Buffalo: $4.03, up 28 cents since Monday
- Ithaca: $4.03, up 22 cents since Monday
- Rochester: $4.06, up 27 cents since Monday
- Rome: $4.04, up 24 cents since Monday
- Syracuse: $4.03, up 28 cents since Monday
- Watertown: $4.06, up 27 cents since Monday
According to AAA, these rapid spikes are due to the oil market’s reaction to the Russia-Ukraine War. As of March 4, oil prices were at $110 per barrel which is the highest level seen in more than a decade.
AAA said that the market will likely continue to increase the price of oil as sanctions are imposed on Russia. Additionally, a potential ban of crude imports from Russia to the U.S. will likely cause prices to continue to rise.
To help counter the impact of rising oil prices, the International Energy Agency has coordinated a release of 60 million barrels of crude oil from its 31 member countries’ strategic reserves, including the U.S., Germany, Canada, South Korea, and Mexico.
However, AAA urged to conserve fuel, motorists should map routes, avoid peak traffic times like rush hour, and combine errands into one trip while using cruise control when possible.
The next gas price report is expected to be released from AAA on Monday, March 7, 2022.