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Albany gas prices fall for 3 months after $5 peak

ALBANY, N.Y. (NEWS10) — After prices at the pump soared to record-highs, even reaching the $5 mark months ago, fuel costs in Albany have slowly gone the opposite direction. Gas prices nationwide have been dropping daily for over three months—14 weeks to be exact, according to Patrick De Haan, head of petroleum analysis at GasBuddy.

The average price of a gallon of regular gas in Albany on Monday was $3.79, nearly 50 cents lower than a month ago when it hit $4.28. The average price a year earlier was $3.23.

The cheapest station in the Capital Region was priced at $3.38 on Sunday, while the most expensive came with a hefty $4.85 price tag, according to GasBuddy price reports. Statewide, the lowest price was $3.07 while the most expensive was $4.99.

The national average price of gasoline has fallen 3.9 cents per gallon in the last week, reaching a $3.64 average Monday. That number is down 25.7 cents per gallon from a month ago and stands 45.9 cents per gallon higher than in 2021.

“With a 14th consecutive weekly decline, the national average price of gasoline has now surpassed 2018’s record decline, seeing its longest downward streak since 2015,” said De Haan. “While some states continue to see gas prices trend higher, the majority have continued to decline.”

But De Haan warns this week could change the downward trend. “With some issues arising in Plains and Great Lakes states as the transition to winter gasoline begins, I think we have the best potential to see the weekly trend of falling prices snapped,” the analyst said. “West Coast states also continue to see increases as unexpected refinery issues continue to percolate, preventing a downward move. While gasoline could nudge higher, diesel prices should continue to ease after a much-needed jump in inventories last week.”

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