Good Question: Why are gas prices going up?
ROCHESTER, N.Y. (WHEC)— It’s the middle of winter, the time when demand for gas is at its lowest. We usually see the cheapest prices this time of year.
So why are they on the upswing right now?
Mike sent News10NBC’s Brennan Somers this message: Just wondering why gas prices are on the rise in this part of the country where other parts are not?
First off, when you’re comparing online, NY always ranks near the higher end of the spectrum. Taxes are a big reason why.
So what about this current spike?
The numbers out this week from AAA show drivers in Rochester are paying about $2.36 a gallon to fill up. That’s up six cents from last week. The increase comes despite the fact demand for gas is at the lowest level since the end of last May. Industry experts point to two reasons for that: domestic crude oil prices climbing to more than $50 a barrel, and an increase in total refinery utilization.
Prices will keep climbing if this remains the case. When you look at the numbers nationwide, the average is going up. It’s $2.32 nationwide, and NY is close to that, at $2.39.
While we know they are rising now, we are actually well below this point a year ago in 2020. You were paying nearly $2.75.
Watch previous Good Question segments here. If you have a question you’d like answered, email GoodQuestion@whec.com.