Oil, gas prices push higher in tandem
Are record gas prices on their way to Western New York? The likelihood has increased because of this week’s spike in oil prices.
World markets pushed oil up to a record $100.88 a barrel on Tuesday and briefly touched $102 Wednesday, and gasoline responded by moving higher in the Buffalo area.
Gas was selling for an average of $3.32 per gallon in Erie and Niagara counties on Wednesday morning, according to the American Automobile Association. That was a cent higher than Tuesday — and just 12 cents short of the region’s all-time high, $3.44 per gallon, which was set shortly after Labor Day 2005.
Gas prices have risen 34 percent in the Buffalo area in the past year. The regional average on Feb. 27, 2007, was $2.47 per gallon.
AAA monitors local gas prices every day, based on a survey of credit-card purchases at self-service stations.
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