New York gasoline prices rose 1.8 cents per gallon in the past week, while Olean’s most-posted price jumped 8 cents per gallon.
GasBuddy reported Monday that New York’s average price was $3.08/g for regular gasoline, while most of Olean’s station displayed just under $3.14/g. Local prices had remained closer than usual to the state average for a few weeks before the 8-cent increase on Friday.
Gas prices in New York state were 10.4 cents per gallon higher than a month ago and stood Monday at nearly 90 cents per gallon higher than a year ago.
GasBuddy reported the lowest price in the state Monday was $2.75/g while the highest was $4.09/g, a difference of $1.34/g.
The national average price of gasoline has risen 0.6 cents per gallon in the last week, averaging $3.04/g Monday. The national average was up 8.4 cents per gallon from a month ago and stood at $1.02/g higher than a year ago.
Neighboring areas and their current gas prices: Bradford, Pa., 3.25/g; Buffalo, $3.01, up 2 cents since last week; Syracuse, $3.01/g, down 0.4 cents from last week; Rochester, $3.01/g, down 0.5 cents from last week.
“We’re entering our fourth straight week with the national average above the key $3 per gallon level, but while gas prices haven’t broken past the low $3s, they have also failed to decline much from their peak as demand for gasoline continues to push higher as the summer driving season is underway,” says Patrick De Haan, head of petroleum analysis for GasBuddy.
He says gasoline demand last week eclipsed the prior week, when millions of Americans were gearing up for Memorial Day travel, showing economic conditions are ripe for continued growth in demand, contributing to prices holding at high levels.
“As OPEC has maintained a slow but steady increase in oil production, that additional production is quickly being gobbled up by a global economy that continues to recover,” De Haan says. “Our current gas prices likely won’t change much by July 4, but remain stubbornly high, barring any major curveballs to supply and demand.”