New Yorkers are paying over a dollar more at the pump than one year ago. Experts believe prices will continue to rise.

Since last Monday, the national average for a gallon of regular gasoline has increased by five cents to $3.53. The national average for a gallon of gas one year ago was 90 cents cheaper. Prices have risen nearly 30 cents in the past month.

New York State reported an eight-cent increase in the past week. That's one of the largest increases in the nation, according to AAA.

bhunter/tsm
bhunter/tsm
loading...

Total domestic gasoline stocks decreased by 1.3 million bbl to 247.1 million bbl last week, according to new data from the Energy Information Administration. On the other hand, gasoline demand decreased from 9.13 million b/d to 8.57 million b/d.

"Typically, a decrease in gas demand during winter would put downward pressure on pump prices, but elevated crude prices continue to push pump prices higher. Pump prices will likely rise if crude prices continue to climb," AAA states.

Horizontal shot of someone's hands holding money at the gas pump
Ronira
loading...

The tension between Russia and Ukraine is contributing to rising oil prices, officials say.

“This shows how events on the other side of the globe can have a noticeable impact right here in the U.S,” AAA spokesperson Andrew Gross said. “And unfortunately for drivers, they are reminded of this by higher prices at the pump. Unfortunately for consumers, it does not appear that this trend will change anytime soon.”

Getty Images
Getty Images
loading...

President Biden is expected to issue new sanctions against Russia on Tuesday. This comes after Russia is reportedly taking the first step toward military action in Ukraine. Troops were reportedly moving into two breakaway areas early Tuesday morning.

Thinkstock Images
Thinkstock Images
loading...

This could mean more pain at the pump for Empire State residents. The average price for a gallon of gas in New York is $3.75. One month ago it was $3.50. A year ago it cost $2.70 for a gallon of gas in New York.

Below are the averages from New York State, according to Triple-A:

Updated New York Gas Prices

LOOK: See how much gasoline cost the year you started driving

To find out more about how has the price of gas changed throughout the years, Stacker ran the numbers on the cost of a gallon of gasoline for each of the last 84 years. Using data from the Bureau of Labor Statistics (released in April 2020), we analyzed the average price for a gallon of unleaded regular gasoline from 1976 to 2020 along with the Consumer Price Index (CPI) for unleaded regular gasoline from 1937 to 1976, including the absolute and inflation-adjusted prices for each year.

Read on to explore the cost of gas over time and rediscover just how much a gallon was when you first started driving.

Gallery Credit: Sophia Crisafulli

Top 5 Best Places to Live in New York

More From Zoey 103.9