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After weeks of rising costs, gas prices in the Capital Region are now stable. According to NEWS10 ABC, the average price for a gallon of regular gas is $4.11, unchanged from last week. However, this price is still 63 cents higher than a month ago and $1.03 more than this time last year.
The state average stands at $4.13 per gallon, while the national average is $4.12. The steady prices come amid continued high demand, with the Energy Information Administration reporting a solid demand of 8.68 million barrels a day. Despite the high prices, demand has not decreased significantly, as noted by Jillian Young, director of public relations for AAA Northeast.
The recent stability in prices is partly due to the transition from winter-blend to summer-blend gasoline, which is more expensive to produce. However, geopolitical tensions in the Middle East continue to impact crude oil prices, contributing to the high cost of gasoline.
GasBuddy's Head of Petroleum Analysis, Patrick De Haan, mentioned that the trajectory of gas prices remains uncertain. He noted that unless oil flows through the Strait of Hormuz increase, prices might continue to rise.
As the spring and summer driving seasons approach, residents in the Capital Region should prepare for potentially higher costs at the pump.