Area gas prices decrease in past week
CAPITAL REGION, N.Y. » Albany gas prices have fallen 0.9 cents per gallon in the past week, averaging $2.21 per gallon, according to GasBuddy’s daily survey of 546 stations. Gas prices in Albany are 4.5 cents per gallon lower than a month ago and stand 40.5 cents per gallon lower than a year ago.
According to GasBuddy price reports, the cheapest station in Albany is priced at $1.96 per gallon while the most expensive is $2.43 per gallon, a difference of 47.0 cents per gallon. The lowest price in the state is $1.89 per gallon while the highest is $3.16 per gallon, a difference of $1.27 per gallon.
The national average price of gasoline has fallen 1.9 cents per gallon in the last week, averaging $2.09 per gallon. The national average is down 8.8 cents per gallon from a month ago and stands 53.7 cents per gallon lower than a year ago.
“As expected, previous weakness in oil has continued to translate into falling gasoline prices nearly nationwide as motorists cast their ballots last week, but the six week trend could reverse on optimism that President- elect [Joe] Biden may move quickly to get organized and Sen. Majority Leader [ Mitch] McConnell has said stimulus is high on his agenda, aiding the economy and oil demand,” Patrick De Haan, head of petroleum analysis for GasBuddy stated.
“As of late Sunday, a barrel of West Texas Intermediate crude oil was up over 8% compared to just last Monday, a solid rally that may eventually halt the decline in gasoline prices, should the optimism continue even against a backdrop of a continued global rise in coronavirus cases. It remains challenging to predict how the Presidential transition may occur, and if it drags the economy down, I could see pessimism and lower prices return, but for now, it appears that a solid dose of optimismmay soon drive prices up,” De Haan added.