Albany area gas prices see increase in past week

Albany gas prices have risen 1.6 cents per gallon in the past week, averaging $2.29 per gallon, according to GasBuddy’s daily survey of 546 stations. Gas prices in Albany are 6.0 cents per gallon higher than a month ago and stand 31.8 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Albany earlier this week was priced at $2.08/g while the most expensive was $2.43 per gallon, a difference of 35.0 cents per gallon. The lowest price in the state earlier this week was $1.89 per gallon while the highest was $2.98 per gallon, a difference of $1.09 per gallon.

The national average price of gasoline has risen 4.8 cents per gallon in the last week, averaging $2.21 per gallon this week. The national average is up 9.8 cents per gallon from a month ago and stands 34.5 cents per gallon lower than a year ago.

“The sudden spike in gas prices last week was brought on by a continued rise in the price of oil, which jumped last week to nearly $50 per barrel, the highest we’ve seen since March, when prices collapsed due to COVID-19,” Patrick De Haan, head of petroleum analysis for GasBuddy stated.

“While last week’s gas price surge isn’t likely to repeat this week, it could be a sign of things to come in the year ahead,” De Haan continued.

“A weakening U.S. dollar and vaccine optimism continued to push oil higher last week, along with stock markets. While some are wrongly pointing to the coming shift in the White House as driving up prices, I can assure motorists that what we’re seeing has nothing to do with such a change and everything to do with market optimism that demand will rise, and the weaker dollar which makes oil cheaper to anyone holding non- dollar currencies, putting upward pressure on demand,” De Haan added.