Average retail gasoline prices in New York have risen 1.1 cents per gallon in the past week, averaging $2.43 per gallon Sunday.
This compares with the national average, which has increased 3.5 cents per gallon in the last week to $2.31, according to gasoline price website GasBuddy.com.
Including the change in gas prices in New York during the past week, prices Sunday were 11.2 cents per gallon higher than the same day one year ago and are 0.6 cents per gallon higher than a month ago.
The national average has increased 8.3 cents per gallon during the last month and stands 18.2 cents per gallon higher than this day a year ago.
According to GasBuddy historical data, gasoline prices on July 31 in New York have ranged widely over the last five years: $2.32 per gallon in 2016, $2.85 per gallon in 2015, $3.83 per gallon in 2014, $3.91 per gallon in 2013 and $3.76 per gallon in 2012.
“The upward climb at pumps across the country has largely continued as crude oil prices rallied and stand within striking distance of $50 per barrel,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. “The rise in oil has come due to unrest and concern over the political outlook in Venezuela, a major supplier of crude oil to the U.S., due as well to Saudi Arabia’s export cut to 6 million barrels per day. Add on top of it U.S. oil inventories that have declined over 50 million barrels from March and you have a recipe for a continued rally in gasoline prices in much of the country. Watch for some volatility in oil and gasoline prices in the weeks ahead,…
click here to read more.