Gas prices are rising a bit; analyst says decline possible in 4-6 weeks | Local news

Average gasoline prices rose slightly last week in the Mid-Hudson Valley, New York State and the nation, but relief could be just weeks away, according toGasBuddy.com.

According to GasBuddy, local averages Tuesday morning were $3.12 a gallon in Ulster County, up 4 cents from a week earlier; $3.17 in Dutchess County, 2 cents; $3.16 in Greene County, up 4 cents; and $3.08 in Columbia County, unchanged.

The New York state average Tuesday was $3.18 a gallon, 0.6 cents more than a week earlier, while the national average rose 0.5 cents to $3.13, GasBuddy reported.

“While the national average has risen slightly over the past week, we may see some stabilization at the pump as oil prices remain just below their 2021 peak from last week,” said Patrick De Haan, chief of petroleum analysis for GasBuddy.

“If no additional crude oil supply comes online in the coming weeks, we could see an $80 per barrel oil test in the coming weeks,” De Haan said. “But as US gasoline demand fell slightly last week, we may have already seen a spike in fuel consumption with the July 4 holiday… We may be just four to six weeks away from the start of a seasonal decline. of gas prices.”

According to GasBuddy, the average New York state gasoline price Monday was 8.1 cents higher than a month earlier and 92.4 cents higher than a year ago. The national average was 5 cents per gallon higher than a month ago and 93.7 cents higher than a year ago.

Over the past five years, New York state average gasoline prices on July 12 were: $2.24 per gallon in 2020; $2.87 in 2019, $3.01 in 2018, $2.41 in 2017 and $2.39 in 2016.

For live fuel price averages, visit:fuelinsights.gasbuddy.com.