Gas Price Balloons Rapidly

It always seems gas prices go up faster than they go down, doesn’t it? Average retail gasoline prices in New York have risen 6.6 cents per gallon in the past week, averaging $3.87/g Monday. This compares with the national average that has increased 5.4 cents per gallon in the last week to $3.67/g, according to gasoline price website NewYorkStateGasPrices.com.

Including the change in gas prices in New York during the past week, prices yesterday were 0.8 cents per gallon lower than the same day one year ago and are 23.0 cents per gallon higher than a month ago. The national average has increased 24.8 cents per gallon during the last month and stands 5.7 cents per gallon higher than this day one year ago.

“The national average has spiked 25-cents per gallon just in the last month, thanks to an onslaught of refinery problems- mainly in the Great Lakes and California,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “While these situations are temporary in nature, it goes to show this nations dependence on domestic refineries. While oil prices have gained in recent days, there is some light at the end of the tunnel for motorists: driving season will be over in less than a month and soon thereafter the EPA also relaxes gasoline mandates, meaning cheaper winter fuel,” DeHaan said.