Rising Gasoline Prices Today may Soon End in Syracuse, New York

The price of gasoline has increased at least 3 cents per gallon around Syracuse over the last two days. But one analyst in the petroleum industry said that rising supplies and a falling crude oil price per barrel may soon alleviate the high cost at local stations.

In the metropolitan area of Syracuse, the average gasoline price today is $4.075, according to the Daily Fuel Gauge Report of the AAA. That is higher compared to last Monday’s price of $4.075 per gallon.

Yesterday’s noontime average price at the pump was $4.073 per gallon. That is higher compared to $4.023, its rate in the earlier parts of that day.

Current gasoline prices are also increasing in seven other metropolitan areas around New York that are being followed by the AAA. According to the auto club, this morning’s average throughout the state was 3 cents higher compared to last Monday, at $4.173 per gallon.

At the national level, the average gasoline price today is $3.782, a slightly higher rate compared to the previous day but the same cost compared to the average last Monday.

Increasing prices of gasoline in the Northeast came with a production slowdown among refineries of the region. In the past week, the production capacity of refineries along the East Coast was 82.5 percent versus the nationwide rate of 87.4 percent. These figures are according to the U.S. Energy Department.

However, statistics recently released by the Energy Department also signaled a shift over the most recent days. Now, production capacity among East Coast refineries is back up to around 83.6 percent.

Moreover, the crude oil price per barrel is declining. The latest price of the U.S. benchmark crude was between $88 and $89 per barrel.  Lower prices of crude and rising supplies of gas are good signs from the perspective of consumers. Such trends are an indication of a bit of decline in the current gasoline prices within the coming week.

By: Chris Termeer