ALBANY, N.Y. (WMBD/WIVB) — Nationally, gasoline prices are starting to drop after 11 weeks as the nation enters the spring season. In New York, gas prices have been shooting upward lately, though this week’s change isn’t as dramatic.
“Gas prices continue to increase, but if these trends continue, prices will increase at a slower rate than Americans have seen since the beginning of the month,” AAA says.
According to GasBuddy data, the national average price of gasoline posted a drop of 0.3 cents from a week ago to $2.86 per gallon Monday. The data was compiled from more than 11 million price reports covering over 150,000 gas stations nationwide.
According to AAA, however, the national average price for a gallon of gas is $2.88. They say it’s up two cents. Either way, gas is much higher than the $2.14 it cost this time last year. At $2.91, New York’s average is a little higher than the national (up one cent). One year ago, it was $2.41.
In Albany, gas prices have changed little in the past week, averaging $2.88 per gallon on Monday, according to GasBuddy. Prices in Albany are 21 cents higher than they were a month ago, and 53.6 cents higher than they were a year ago.
GasBuddy says the cheapest Albany gas station is $2.69 per gallon, while the most expensive is $2.99 per gallon. Statewide, the lowest price is $2.34 and the highest is $3.49.
Patrick De Haan, the head of petroleum analysis for GasBuddy, said gas prices still rose in most states last week as gasoline demand increased to its highest level since the pandemic began. He said concerns that oil demand growth will stall with COVID-19 cases surging in Europe are eroding oil’s recent rise.
“With oil prices finally sagging over the last week on inflation fears and worries about a surge in COVID-19 cases in Europe impacting oil demand, motorists filling their tanks may soon see a brief respite from rising gas prices,” De Haan said.
AAA spokesperson Jeanette McGee said there’s a dip in demand and a simultaneous increase in supply and refinery utilization. Her agency said the national average is the highest price since May 2019. “On the week, 32 states had increases of only 3 cents or less. This does not mean gas prices have hit their peak, but is a positive sign for consumers,” McGee said.
Despite the brief respite, De Haan said motorists should expect to see gas prices continue to soar as we enter the summer driving season.
“It’ll be a bumpy road the next few weeks as markets sort out the bearish and bullish factors, but I still believe prices will likely experience more upward momentum ahead of Memorial Day,” he said.