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The cost of gasoline in the Capital Region is climbing sharply, with the average price for a gallon of regular fuel now at $4.11. This represents an increase of 19 cents in the past week and 98 cents over the last month, according to Triple A. Compared to this time last year, prices are 97 cents higher. The current state average is $4.06 per gallon, while the national average stands at $4.11.
The rising prices are attributed to several factors, including increased demand due to spring break and summer travel, as well as geopolitical tensions in the Middle East. According to NEWS10 ABC, the ongoing conflict in the Middle East is pushing gasoline prices to their highest levels in years. Patrick De Haan, Head of Petroleum Analysis at GasBuddy, noted that the situation is causing significant pressure on fuel prices.
Additionally, the transition to summer-blend gasoline, which includes pricier additives to reduce evaporation, is contributing to the increase. The Energy Information Administration reported a rise in gasoline demand from 8.72 million to 8.92 million barrels per day last week, while domestic supply declined.
While gas prices typically drop during the fall, the current geopolitical volatility has made predictions uncertain. De Haan mentioned that until there is a meaningful resumption of oil flows through the Strait of Hormuz, upward pressure on fuel prices is likely to persist.