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Motorists in the Capital Region are noticing a slight increase in gas prices. According to Triple A, the average cost for a gallon of regular fuel is now $3.14, which is up by one cent from last week. This price is also one cent lower than it was a month ago. The state average remains at $3.14, while the national average is slightly higher at $3.26.
The rise in prices is attributed to factors such as refinery maintenance and the switch to summer-blend gasoline. The national average has increased by over 10 cents in the past week, reaching levels not seen since last September, as reported by AAA. Despite the recent increase, current prices are still below those from the same time last year.
The U.S. Energy Information Administration notes that gasoline demand has decreased slightly, while gasoline production has increased. However, crude oil inventories remain about 4% below the five-year average for this time of year.
Patrick De Haan, Head of Petroleum Analysis at GasBuddy, predicts that gas prices could rise by another 10 to 35 cents over the next few weeks due to ongoing refinery issues. He advises motorists in the Northeast to fill up soon as the final step in the transition to summer gasoline approaches, which could lead to further price hikes.