4.07.2015

Local gas price outlook

Average retail gasoline prices in Albany have fallen 1.8 cents per gallon in the past week, averaging $2.48/g yesterday, according to GasBuddy's daily survey of 546 gas outlets in Albany. This compares with the national average that has fallen 3.0 cents per gallon in the last week to $2.39/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Albany during the past week, prices yesterday were 120.4 cents per gallon lower than the same day one year ago and are 10.1 cents per gallon lower than a month ago. The national average has decreased 7.3 cents per gallon during the last month and stands 118.5 cents per gallon lower than this day one year ago.

"Motorists have seen a quiet week at the pump with gasoline prices in much of the country in gentle decline," said Patrick DeHaan, GasBuddy senior petroleum analyst. "The current downward trend in the national average bucks what we were seeing a year ago when gasoline prices were in an upward trend, and what we're seeing with prices remaining relatively low should boost motorist confidence as the summer driving season nears. It's a good time to reiterate that I expect this summer's gasoline prices to be at their lowest seasonal levels since 2010, and most areas will see prices at least $1/gal under where they were last summer," DeHaan noted.

According to DeHaan, some gas price increases may begin showing up in the Northeast where summer blends and reformulated gasolines are beginning to hit retail outlets, though the pain there may not be as bad as what was expected last week. DeHaan said that thanks to optimism surrounding the Iran nuke deal, oil prices declined late last week and took some bite out of the expected jump.

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