ALBANY, N.Y. (NEWS10) – On Monday, April 11, Gasbuddy’s weekly gas price update for Albany saw a fall of 5.9 cents per gallon in the past week, dropping averages across the area to $4.19 per gallon. But, if you look at the bigger picture, Capital Region residents may not be saving quite so much at the pump as it seems.
In 2021, the average price of gas in the Albany-Schenectady-Troy metro area sat at $2.86 a gallon, according to AAA. If you take that price and factor in your typical 15-gallon gas tank, you’d be looking at around $42.90 for a fill-up.
Fast forward to today, and the $4.19 average corresponds with $62.99 for a full tank. So much for falling gas prices- that’s still a $20 difference from a year ago!
The Albany average sits just a few cents below New York State’s typical gas prices, with the Empire State averaging $4.22 per gallon. That amounts to $63.35 for each trip to the gas station- an even bigger difference from a year ago.
Patrick De Haan, head of petroleum analysis at GasBuddy, said that falling gas prices as of late have saved Americans nearly $100 million a day compared to when prices peaked about a month ago. That’s with gas prices falling mere cents each week- imagine the difference that extra $20 in your pocket would have made a year ago, each time you hit the pump.
Capital Region residents do however have a reason to hold on to hope. The national average could fall back into the $3 range as early as this week, according to De Haan, and the gradual decline should continue for the coming months.
The state budget plan, which was recently passed, includes a suspension of New York State’s gas tax until January. $600 million of the state budget will go towards gas tax relief- which is expected to save New Yorkers over a half-billion dollars between June 1 and the end of the year.