After remaining at just under $2.36 per gallon since Labor Day, Olean’s most common gasoline price for regular increased this week to just under $2.40/g.
The increase comes as New York gas prices have risen 4.6 cents per gallon in the past week, averaging $2.40/g Monday, according to GasBuddy. Gas prices in New York are 11.3 cents per gallon higher than a month ago and stand 32.5 cents per gallon lower than a year ago.
According to GasBuddy price reports, the lowest price in the state Monday was $1.94/g while the highest was $3.29/g, a difference of $1.35/g.
The national average price of gasoline has risen 4.9 cents per gallon in the last week, averaging $2.31/g Monday. The national average is up 14.5 cents per gallon from a month ago and stands 27.4 cents per gallon lower than a year ago.
Some other prices in New York include, in Buffalo, $2.33/g, up 7 cents since last week; Syracuse, $2.31/g, up 5.3 cents from last week; and Rochester, $2.34/g, up 4.9 cents.
Patrick De Haan, head of petroleum analysis for GasBuddy, says expect gas prices to continue to rise.
“With oil’s meteoric rally continuing, motorists continue to face gas prices that continue to advance,” he says. “With a barrel of crude oil now at its highest level in nearly a year, there’s no where for gas prices to go but up.”
He says in a normal year, this is the time we tend to see gas prices fall — and gasoline demand is indeed seeing a seasonal drop. But he also said the gasoline market is being pressed upward over anticipation caused by the continued rollout of COVID-19 vaccines.
“How long we may be on this road relies on continued reduction in new COVID cases, but we may for the coming weeks be seeing gas prices continuing their climb,” he says.