ALBANY, N.Y. (NEWS10) — With inflation still a major problem and the Russia-Ukraine conflict raging overseas, many are concerned about gas prices going up once again. According to Gasbuddy, the average price tag on a gallon of regular gasoline in Albany hit $3.70 on Monday—a six-cent increase in the past week alone.
Though the Albany price represents a 10-cent dip from a month ago, it stands at 32 cents per gallon higher than in October 2021. Statewide, the lowest price at any gas station stood at $3.10, while the highest reached $4.49.
The national average is a bit higher, at $3.86 per gallon. That number, though, is actually down five cents from a week ago.
Patrick De Haan, head petroleum analyst at Gasbuddy, noted that despite the declining national average, diesel prices have soared. In the last week, diesel prices have increased 18.7 cents and reached $5.06 per gallon. “After a sharp rise in the national average over the last few weeks, we’ve seen an abrupt, yet expected decline as refinery issues have eased in the West and Great Lakes, overpowering some increases elsewhere. Though at the same time, diesel prices have soared,” De Haan said.
“We’ll see a continued sharp drop in gas prices on the West Coast, including areas like Las Vegas and Phoenix, which are supplied by refiners in California, as refinery outages have been addressed,” continued De Haan. “The Great Lakes will see prices drift lower as BP’s Whiting refinery is soon to complete maintenance. In addition, oil prices have cooled off slightly after OPEC+ decided to cut production, and that should slow increases elsewhere. Diesel and heating oil prices are likely to continue to rise as extremely low inventories of the middle of the barrel products like these two push prices higher.”