AAA: Are recession fears fading, and could a healthier global economy lead to more demand for oil and higher prices?

Are recession fears fading, and could a healthier global economy lead to more demand for oil and higher prices?

That’s a question the AAA has proposed as the national average for a gallon of gas barely budged last week. As of this report, Americans are paying a national average of $3.45.

Meanwhile, New York’s average was ten-cents higher at $3.55. “Keep an eye on the price of oil,” said Andrew Gross, AAA spokesperson.

“Because oil currently accounts for nearly 60% of what we pay at the pump. And rising or falling oil prices can have a direct impact on motorists’ wallets.”

Last Friday’s job report suggested the addition of over 500,000 jobs in January, dropping the unemployment rate to a 54-year-low 3.4%. A year-ago now, New Yorkers were paying nearly $3.60 on average.

According to GasBuddy (as of this report), gas prices in Lowville, NY are just north of $3.50. Meanwhile in Boonville, NY, gas prices are as low as $3.57 and nearly $3.80 in Old Forge, NY.

Prices in Syracuse, Watertown and Utica, NY are all slightly cheaper or nearly the same.

Image via the AAA.