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Gas prices spike nearly 11 cents in Capital Region

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ALBANY, N.Y. (NEWS10) — The average price tag on a gallon of regular gas in Albany spiked nearly 11 cents in the last week, reaching $3.51 on Monday, according to GasBuddy’s survey of 546 stations in the area. Steady increases in the past few weeks have Capital Region drivers paying 10 cents more than a month ago, and about 3 cents more than a year ago.

According to GasBuddy price reports, the cheapest station in the area was priced at $3.11 per gallon on Sunday. The most expensive sat at $4.15, a difference of $1.04 per gallon.

The national average has risen in step with area prices, reaching $3.39 on Monday. That’s 11 cents higher than last week and 30 cents higher than a month ago.

The reason behind the spike, according to GasBuddy petroleum analyst Patrick De Haan, is strong demand and tightening supply. “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,” De Haan said.

“In addition, releases of crude oil from the Strategic Petroleum Reserve have wrapped up,” added De Haan. “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. Moving forward, it doesn’t look good for motorists, with prices likely to continue accelerating.”

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