Gas Price Going Up

From GasBuddy

Average retail gasoline prices in New York have risen 6.6 cents per gallon in the past week, averaging $2.86/g as of Monday, according to GasBuddy’s daily survey of 6,118 gas outlets in New York. This compares with the national average that has increased 3.4 cents per gallon in the last week to $2.75/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in New York during the past week, prices yesterday were 34.5 cents per gallon higher than the same day one year ago and 16.0 cents per gallon higher than one month ago. The national average has increased 15.5 cents per gallon during the last month and stands 33.5 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on April 23 in New York have ranged widely over the last five years: $2.52/g in 2017, $2.28/g in 2016, $2.67/g in 2015, $3.85/g in 2014 and $3.73/g in 2013.

“Gas price increases gripped 49 of the nation’s 50 states again last week as oil prices continued their upward move to new multi-year highs. In addition, government data highlighted a new record for gasoline demand was breached last week, and we’re not even into the summer driving season yet. The road head at the pump looks quite ominous if that demand number proves common in the coming weeks,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

“With President Trump’s tweet last week targeting the price of oil, there may be additional scrutiny on oil prices in the coming weeks that bears monitoring. OPEC has been remarkably successful in better aligning supply to demand, draining the crude oil glut, and pushing oil prices to their highest since 2014. While refinery maintenance and the change to summer gasoline largely complete, oil prices remain one of the largest active drivers of gas prices now and likely in the weeks ahead. All signs point to some additional upward movement before prices peak and perhaps drop slightly around Memorial Day into the month of June- all certainly very contingent and subject to any changes from OPEC.”

  2018, gas buddy, gas price