Are Gas Prices Going Up In the Capital Region?
Over the years gas prices have gone up and down. It is something we deal with because our vehicles are essential to earning a living and living life in 2021. When prices go up, even a little, we start to feel anxious and sometimes angry. Well, brace yourselves it appears the price at the pump is on the rise once again.
Here is how New York fills up compared to the region and rest of the nation, according to AAA, as of January 18, 2021.
- $2.38 National average/gallon of gas
- $2.47 New York average/gallon of gas
- $2.43 Connecticut average/gallon of gas
- $2.35 Vermont average/gallon of gas
- $2.34 Massachusetts average/gallon of gas
Before you get too upset take a look back at 2020. The average cost of a gallon of gas in New York one year ago today was $2.55/gallon. We are currently 8 cents ahead of 2020. The problem is that gas prices decreased more than 33% from their highest point in January 2020 to April 2020. We are unlikely to see the same decrease in 2021.
Why are gas prices creeping upwards? Gas Buddy says “With oil’s meteoric rally continuing, motorists continue to face gas prices that continue to advance. With a barrel of crude oil now at its highest level in nearly a year, there’s nowhere for gas prices to go but up”.
What impact did the election have on our current and future gas prices? In October of 2020 the head of petroleum analysis at Gas Buddy, Patrick De Haan, reported a Joe Biden presidency would favor more environmental controls. Under this agenda, gas prices are more likely to be impacted. If Biden curtails production such as shutting down existing production, gas prices could climb significantly.
Mississippi has the least expensive gas today at $2.07/gallon. California shows the most expensive in the United States at $3.34/gallon.
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