Area gasoline prices rise in past week
Albany area gas prices have risen 0.6 cents per gallon in the past week, averaging $2.26 per gallon, according to GasBuddy’s daily survey of 546 stations. Gas prices in Albany are 3.0 cents per gallon lower than a month ago and stand 36.8 cents per gallon lower than a year ago.
According to GasBuddy price reports, the cheapest station in Albany is priced at $1.99 per gallon while the most expensive is $2.45 per gallon, a difference of 46.0 cents per gallon. The lowest price in the state is $1.88 per gallonwhile the highest is $2.99 per gallon, a difference of $1.11 per gallon.
The national average price of gasoline has fallen 1.1 cents per gallon in the last week, averaging $2.16 per gallon. The national average is down 1.8 cents per gallon from a month ago and stands 47.2 cents per gallon lower than a year ago. “Average gasoline prices largely remain rangebound as the tug of war between market forces continues to keep prices confined near current levels,” Patrick De Haan, head of petroleum-analysis for GasBuddy remarked.
“On one side, the coronavirus situation would be pulling prices down as year-to-date gasoline demand stands some 13% lower than last year, but on the positive side is the possibility of economic stimulus that could boost households ahead of the election if the two parties can manage to agree,” DeHaan continued.
“For now, with little action on either issue, oil markets are seeing a good amount of speculation and seesawing, and that will continue until we have a clear answer on whether Washington will deliver more economic aid to hard hit Americans,” De Haan added.