Average gasoline prices in New York have risen 7.5 cents per gallon in the last week, averaging $3.46/g Monay, according to GasBuddy’s survey of 6,118 stations in New York.
The price for 87 octane at most outlets in Olean remained at $3.599/g to begin the week.
Prices in New York overall were 7.4 cents per gallon higher than a month ago and stood 0.3 cents per gallon higher than a year ago. The national average price of diesel has risen 2.6 cents in the last week and stood at $4.60 per gallon.
According to GasBuddy price reports, the lowest price in the state to begin the week was $2.94/g while the highest was $4.19/g, a difference of $1.25/g.
The national average price of gasoline rose 11.3 cents per gallon in the last week, averaging $3.39/g Monday. The national average was up 30.2 cents per gallon from a month ago and stood 7.3 cents per gallon higher than a year ago, according to GasBuddy data.
Neighboring areas and their current gas prices include Buffalo at $3.42/g, up 2 cents from last week; Syracuse at $3.35/g, up 6.7 cents; and Rochester at $3.44/g, up 1 cent.
“Gasoline prices continued their upward trajectory last week as oil prices pulled them higher across the majority of the country, and continued refinery challenges kept supply of gasoline from rising more substantially,” says Patrick De Haan, head of petroleum analysis at GasBuddy. “Macroeconomic factors have continued to weigh on oil and refined products, as strong demand in China hasn’t been slowed much by a surge in new COVID cases.”
In addition, releases of crude oil from the Strategic Petroleum Reserve have wrapped up, De Haan points out.
“Concerns are increasing that without additional oil, supply will tighten in the weeks ahead, especially as the nation starts to move away from softer demand in the height of winter,” he says. “Moving forward, it doesn’t look good for motorists, with prices likely to continue accelerating.”
