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Buffalo gas prices jump 28 cents in one week, marking another record high

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Posted at 5:13 AM, May 16, 2022

BUFFALO, N.Y. (WKBW) — The national average price for a gallon of gasoline is $4.48 this morning, up 15 cents from last week. That's according to new numbers Monday morning from AAA.

In Western New York, gas prices jumped 28 cents in one week, sitting at an average of $4.63 a gallon Monday morning. The New York State average is up 24 cents from last week at $4.76 a gallon.

Those are record numbers at national, state, and local levels. The national average for diesel fuel also hit a new record reaching $5.57. One year ago the price was $3.17. In New York, the average price for diesel is $6.50, which is also a record high set yesterday. One year ago the price was $3.23.

According to the latest data from the Energy Information Administration, total domestic gasoline stocks decreased while gasoline demand dropped slightly. Usually, a decrease in demand would bring prices down, but oil prices remain high at about $109 per barrel.