Press-Republican

Business

February 20, 2014

Gas prices increasing in NY

NEW YORK — Average retail gasoline prices in New York have risen 3.9 cents per gallon in the past week, averaging $3.64 a gallon Sunday, according to GasBuddy’s daily survey of 6,118 gas outlets in New York.

This compares with the national average that has increased 5 cents per gallon in the last week to $3.34 a gallon, according to GasBuddy.com. 

Including the change in gas prices in New York during the past week, prices Sunday were 32 cents per gallon lower than the same day one year ago and are 1.4 cents per gallon higher than a month ago.

The national average has increased 6.1 cents per gallon during the last month and stands 34.3 cents per gallon lower than one year ago.

“After weeks of relative stability with little change in gas price nationally, we’ve seen a new trend develop that has sent the national average to its highest level since mid October,” GasBuddy.com Senior Petroleum Analyst Patrick DeHaan said in a news release.

“Oil prices have recently surpassed $100 (a barrel), a $6/bbl jump since we began 2014, and unfortunately this new trend may signal the beginning of “March Madness,” the time of year that brings large spikes in gas prices.

“Very few stations have gasoline under $3 a gallon, and I expect those few stations will all but dry up over the next couple weeks.

“The national average will likely rise 35 to 50 cents per gallon by the time gasoline prices peak in April or May, ahead of the start of the summer driving season that brings the switch to more expensive, cleaner burning summer gasoline,” DeHaan said.

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