ALBANY, N.Y. (NEWS10) — For the first time in two months, the nation’s average price of gasoline rose sharply last week. In the Capital Region, however, the average price tag on a gallon of regular gas dropped two cents—a small, yet significant number amid the nationwide jump at the pump.

Early Monday morning, Capital Region residents could expect to pay $3.37 for a gallon of gas. That’s nearly 38 cents lower than a month ago, and about seven cents less than in January 2022.

Nationally, prices at the pump spiked 12.3 cents in the last week. Despite the abrupt rise, the national average sat around $3.17 per gallon to start the new year—still 20 cents lower than area prices.

“For the first time in two months, the nation’s average price of gasoline rose sharply last week, as extremely cold weather led to many refinery issues, shutting down over a million barrels of refining capacity, pushing wholesale prices up,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “In addition, China’s reopening plans gave markets inspiration that global oil demand will start to recover, as China’s nearly three-year Covid-zero policies appear to be coming to an end.”

“While the jump at the pump will likely be temporary as most refiners get back online after cold-weather related issues, some regions like the Rockies may see more price increases than others as cold-weather shutdowns hit the region fairly hard, with one refinery likely remaining down through the first quarter of 2023,” continued De Haan. “Most areas have seen the bulk of the rise already hit, but should oil continue to rally, more increases could be on the way.”

Historical gas prices in Albany over the past 10 years:

  • January 2, 2022: $3.45/g (U.S. Average: $3.26/g)
  • January 2, 2021: $2.32/g (U.S. Average: $2.25/g)
  • January 2, 2020: $2.65/g (U.S. Average: $2.59/g)
  • January 2, 2019: $2.47/g (U.S. Average: $2.25/g)
  • January 2, 2018: $2.56/g (U.S. Average: $2.49/g)
  • January 2, 2017: $2.44/g (U.S. Average: $2.34/g)
  • January 2, 2016: $2.16/g (U.S. Average: $1.99/g)
  • January 2, 2015: $2.71/g (U.S. Average: $2.21/g)
  • January 2, 2014: $3.63/g (U.S. Average: $3.32/g)
  • January 2, 2013: $3.63/g (U.S. Average: $3.28/g)