A gallon of gas now averages $5 in New York State
[News10NBC]
ROCHESTER, N.Y. (WHEC) – New York State’s average price for a gallon of gas has hit $5, according to AAA.
Gas prices across the country are on the rise. Thursday’s national average price for a gallon of gas is $4.97, up 10 cents from Monday. A year ago, the price was $3.07. The New York State average is $5.01, up 13 cents since Monday. A year ago, the NYS average was $3.09.
When the New York state gas tax cap went into effect last week, statewide prices did drop initially as nationwide prices increased dramatically. However, oil prices continue to increase and the gas tax relief doesn’t amount to enough to counterbalance the increased price of oil, which directly impacts what we pay at the pump.
With oil prices currently at $121 to $123 a barrel, up from $120 on Monday, gas prices are higher since oil accounts for at least half of each gallon of gas.
Since gas taxes make up less than a fifth of the price consumers pay at the pump, removing them doesn’t offer much in the way of savings. As a result, the impact of gas tax holidays can be limited. Any price reduction from the lack of taxes can be quickly offset by a steady increase in oil prices, which is what is happening now.
AAA Western and Central New York reports the following averages:
• Batavia – $4.90 (up 15 cents since Monday)
• Buffalo – $4.89 (up 17 cents since Monday)
• Elmira – $4.97 (up 19 cents since Monday)
• Ithaca – $4.96 (up 17 cents since Monday)
• Rochester – $4.95 (up 16 cents since Monday)
• Rome – $4.96 (up 17 cents since Monday)
• Syracuse – $4.94 (up 20 cents since Monday)
• Watertown – $4.94 (up 14 cents since Monday)