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The national average price for a gallon of gasoline is $4.28, down one cent from Oct. 19. One year ago, the price was $3.05. The New York State average is $4.38, down four cents from last Monday. A year ago, the NYS average was $3.11. Chautauqua County costs are around $4.41 per gallon
While northern states have begun transitioning to winter-blend gasoline, which is less expensive to produce and typically lowers costs at the pump, gas prices have seen little relief as crude oil remains above $100 per barrel. The national average has stayed above $4 per gallon since late July and is currently $1.23 higher than a year ago. Although gas prices normally decline during the fall, ongoing volatility in the oil market has pushed prices to seasonal record highs this year. Crude oil is currently trading between $101 and $115 per barrel amid instability in the Strait of Hormuz. As a result, October is on track to become the most expensive October on record for gas prices, following record-setting highs in August and September.
The Energy Information Administration (EIA) reports that demand is up along with production while overall supply is down slightly.
Diesel prices were up Monday, with the national average at $6.34, up 3 cents from last week. Prices are up from $3.66 a year ago. In New York, the average diesel price is $6.49 per gallon, down a penny from last week. A year ago, New York drivers were paying an average of $3.87 per gallon.