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Gas prices in the Capital Region have seen a slight increase, with the average cost for a gallon of regular fuel now at $3.00, according to AAA. This marks a two-cent rise over the past week and a three-cent increase compared to one month ago. The state average in New York also stands at $3.00 per gallon, while the national average is slightly lower at $2.98.
The AAA report highlights that the cost of gas is trending upward, a pattern seen across the country. In Albany, prices range from a low of $2.69 to a high of $3.95 per gallon, as noted by GasBuddy. The national average price of diesel has also increased, now at $3.69 per gallon.
Patrick De Haan, head of petroleum analysis at GasBuddy, attributes the rising prices to geopolitical tensions and localized supply constraints. "Crude oil trades near its highest level since last summer, driven by mounting geopolitical risk premiums tied to escalating tensions between the United States and Iran," De Haan explained. He also mentioned that planned refinery maintenance and disruptions along the Olympic Pipeline are contributing to price pressures, particularly in the Pacific Northwest.
As the seasonal supply tightens, experts anticipate the national average could soon approach the $3-per-gallon mark again. Motorists in the Capital Region should prepare for potential further increases in fuel costs as these factors continue to influence the market.