Gas prices in the capital region continue to fall – Saratogian

CAPITAL REGION, NY — Average gasoline prices in the region have fallen 2.4 cents per gallon over the past week and are currently averaging $3.48 per gallon, according to a GasBuddy survey of 546 Albany gas stations.

Prices in Albany are 10.1 cents per gallon lower than a month ago and 48.0 cents per gallon lower than a year ago. The national average price for diesel has fallen 2.6 cents over the past week to $3.69 per gallon – the lowest in 940 days.

According to GasBuddy's price reports, the cheapest gas station in Albany was $3.09 per gallon, the most expensive was $3.73 per gallon, a difference of 64 cents per gallon. The lowest price in the state yesterday was $2.93 per gallon, the highest was $4.69 per gallon, a difference of $1.76 per gallon.

The national average price of gasoline fell 4.2 cents per gallon last week, averaging $3.37 per gallon. The national average is down 11.4 cents per gallon from a month ago, and is 47.8 cents per gallon lower than a year ago, according to data from GasBuddy, compiled from more than 11 million weekly price reports from over 150,000 gas stations across the country.

“Gasoline and diesel prices continue to fall across much of the country as demand wanes over the summer. Lower demand in other oil-consuming countries is also helping to increase downward pressure on pump prices as we approach Labor Day,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

“With little new action in the Middle East to push prices higher and Hurricane Ernesto still far out to sea, it looks like the downward trend could continue in the coming week. As more schools reopen, gasoline demand is likely to continue to weaken. With the switch to winter gasoline starting in most countries in less than a month, gasoline prices will soon experience their seasonal cooldown – just as temperatures will soon.”

Originally published: August 19, 2024 at 11:00 am