Photo: dkhoriaty / iStock / Getty Images
Drivers in the Capital Region are experiencing a significant increase in gas prices, with the cost of a gallon of regular fuel now averaging $3.22. This marks an 11-cent rise over the past week and a 13-cent increase from a month ago. According to AAA, the state average for New York is currently $3.26, slightly above the national average of $3.20.
The surge in gas prices is largely attributed to rising crude oil prices, which have reached near three-month highs. Marie Dodds, public affairs director for AAA Oregon/Idaho, explained that higher crude oil prices are exerting upward pressure on pump prices. Factors such as winter weather increasing energy demand and optimism about economic improvements in China are contributing to this trend.
Despite the recent increase, gas prices remain lower than they were a year ago, when the average price was $3.36. However, prices vary significantly by region, with states like California and Hawaii experiencing some of the highest costs in the nation.
Looking ahead, gas prices may continue to fluctuate due to factors such as geopolitical tensions and seasonal changes. Michael Ryan, a finance expert, noted that hurricane season and tensions in the Middle East could cause prices to spike overnight.