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Tag: GasBuddy

  • Local and national gasoline prices are starting to increase and could go higher, experts say – WTOP News

    Gasoline prices nationwide and in the D.C. area are beginning to show signs of spiking, according to GasBuddy, as they’re up nearly 9 cents.

    Gasoline prices nationwide and in the D.C. area are beginning to show signs of spiking. They’re up nearly 9 cents in the last week, depending on the region of the country you’re in, according to gasoline market tracking firm GasBuddy.

    Oil experts say prices are expected to increase as much as 30 cents a gallon in the coming months, and the higher prices are being caused by a combination of annual seasonal trends and increased military tensions between the U.S. and Iran.

    Patrick De Haan, head of petroleum analysis at GasBuddy, said the recent increase in gasoline prices in the D.C. area and nationwide are likely to be just the beginning of steady jumps.

    “D.C. is average priced at $3.14 a gallon, maybe closer to the mid-$3 a gallon territory by the time we get to April or into Memorial Day,” he said. “The average gas price in the D.C. metro area jumped by about 6 cents a gallon in the last week.”

    Nationally, unleaded regular gas prices are about 22 cents a gallon less expensive than they were a year ago.

    AAA said Maryland’s average price of gasoline is $2.98 a gallon. In Virginia, the average is $2.83 a gallon.

    This is the time of year when refineries begin the switch to more expensive summer-blended gasoline, De Haan noted, and that typically pushes prices up by more than 10 cents a gallon, depending on the location.

    “It will be seasonal factors also pushing prices up, including rising demand as temperatures warm up, the transition to summer gasoline and refinery maintenance, which will be starting soon as well,” De Haan said.

    But he said the wildcard is the huge U.S. military buildup in the Persian Gulf and the possibility of military action against Iran.

    “Iran being a major oil producer, that could threaten the stability and supply of oil out of Iran,” De Haan said. “Oil prices have jumped to their highest level since last summer, $67 a barrel. On heightened geopolitical tensions between the U.S. and Iran.

    He said it’s hard to determine what will happen and if “that’s a big part of the equation.”

    “Typically, during the late winter, spring, we generally see prices rise an average of 25 to 65 cents a gallon. So we are just getting started here with this increase,” he said. “Just the normal seasonal fluctuations, we see a pretty large increase over the next couple of months.”

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    Dan Ronan

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  • Pump prices could rise after US, EU hit Russian oil companies with new sanctions and oil spikes

    Oil prices spiked Thursday after the U.S. announced massive new sanctions on Russia’s oil industry in an attempt to get Russian President Vladimir Putin to the negotiating table and end Moscow’s brutal war on Ukraine.U.S. benchmark crude jumped 6%, to $62 per barrel midday Thursday and analysts say if the situation remains static, U.S. consumers will soon be paying more at the pump.Patrick De Haan, head of petroleum analysis for GasBuddy, said while it was difficult to predict with certainty because of the number of moving parts, consumers will likely see a bump in prices as early as next week, if not sooner.“We’ll probably start to see motorists be impacted by the sanctions at the pump in the next couple days and it might take five days for that to be fully passed along,” De Haan said, adding that the full impact also depends on whether the Russian or U.S. positions change.“Russia will feel pressure to come to the table in light of the new developments or President Trump may react when he sees oil prices rising to levels that become uncomfortable, so I don’t think this is going to be very long lasting,” De Haan said.Oil prices have been relatively low for the past few years and last week the cost for barrel of U.S. benchmark crude fell below $57, its lowest level since early 2021. The price for a barrel of U.S. benchmark crude did rise near $79 a barrel early this year, just before President Donald Trump took office, a price not necessarily considered outrageously elevated by most analysts.The broad, extended decline in oil prices pushed the average price for a gallon of gas in the U.S. last week under $3 for the first time since December of last year, according to GasBuddy.For much of 2025, inflation has been held mostly in check, partly due to cheaper prices at the pump. However, that could change quickly as higher energy costs have a downstream effect on prices for virtually all products and services across industries.“The impact to a lot of Americans is that products derived from crude, gasoline, diesel and jet fuel are all likely to see price increases,” De Haan said.The main reason oil and gas have stabilized at lower levels this year is that the group of countries that are part of the OPEC+ alliance of oil-exporting countries have continued to boost production. Earlier this month, OPEC+ leaders announced they would raise oil production by 137,000 barrels per day in November, the same amount announced for October. The group has been raising output slightly in a series of boosts all year after announcing cuts in 2023 and 2024.Russia is the leading non-OPEC member in the 22-country alliance. The group’s next meeting is scheduled for Nov. 2.The sanctions against Russian oil giants Rosneft and Lukoil follows calls from Ukrainian President Volodymyr Zelenskyy as well as bipartisan pressure on Trump to hit Russia with harder sanctions on its oil industry, the economic engine that has allowed Russia to continue to execute the grinding conflict even as it finds itself largely internationally isolated. The European Union on Thursday announced its own measures targeting Russian oil and gas.The price for Brent crude, the international standard, rose $3.57 on Thursday to $66.15 per barrel.

    WASHINGTON —

    Oil prices spiked Thursday after the U.S. announced massive new sanctions on Russia’s oil industry in an attempt to get Russian President Vladimir Putin to the negotiating table and end Moscow’s brutal war on Ukraine.

    U.S. benchmark crude jumped 6%, to $62 per barrel midday Thursday and analysts say if the situation remains static, U.S. consumers will soon be paying more at the pump.

    Patrick De Haan, head of petroleum analysis for GasBuddy, said while it was difficult to predict with certainty because of the number of moving parts, consumers will likely see a bump in prices as early as next week, if not sooner.

    “We’ll probably start to see motorists be impacted by the sanctions at the pump in the next couple days and it might take five days for that to be fully passed along,” De Haan said, adding that the full impact also depends on whether the Russian or U.S. positions change.

    “Russia will feel pressure to come to the table in light of the new developments or President Trump may react when he sees oil prices rising to levels that become uncomfortable, so I don’t think this is going to be very long lasting,” De Haan said.

    Oil prices have been relatively low for the past few years and last week the cost for barrel of U.S. benchmark crude fell below $57, its lowest level since early 2021. The price for a barrel of U.S. benchmark crude did rise near $79 a barrel early this year, just before President Donald Trump took office, a price not necessarily considered outrageously elevated by most analysts.

    The broad, extended decline in oil prices pushed the average price for a gallon of gas in the U.S. last week under $3 for the first time since December of last year, according to GasBuddy.

    For much of 2025, inflation has been held mostly in check, partly due to cheaper prices at the pump. However, that could change quickly as higher energy costs have a downstream effect on prices for virtually all products and services across industries.

    “The impact to a lot of Americans is that products derived from crude, gasoline, diesel and jet fuel are all likely to see price increases,” De Haan said.

    The main reason oil and gas have stabilized at lower levels this year is that the group of countries that are part of the OPEC+ alliance of oil-exporting countries have continued to boost production. Earlier this month, OPEC+ leaders announced they would raise oil production by 137,000 barrels per day in November, the same amount announced for October. The group has been raising output slightly in a series of boosts all year after announcing cuts in 2023 and 2024.

    Russia is the leading non-OPEC member in the 22-country alliance. The group’s next meeting is scheduled for Nov. 2.

    The sanctions against Russian oil giants Rosneft and Lukoil follows calls from Ukrainian President Volodymyr Zelenskyy as well as bipartisan pressure on Trump to hit Russia with harder sanctions on its oil industry, the economic engine that has allowed Russia to continue to execute the grinding conflict even as it finds itself largely internationally isolated. The European Union on Thursday announced its own measures targeting Russian oil and gas.

    The price for Brent crude, the international standard, rose $3.57 on Thursday to $66.15 per barrel.

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  • GasBuddy: Avg. Albany prices jump 8.8 cents in last week

    GasBuddy: Avg. Albany prices jump 8.8 cents in last week

    ALBANY, N.Y. (NEWS10) — Average gasoline prices in Albany have risen 8.8 cents per gallon in the last week, averaging $3.46/g on Monday, according to GasBuddy’s survey of 546 stations in Albany. Prices in Albany are 14.7 cents per gallon higher than a month ago and 2.7 cents per gallon higher than a year ago. The national average diesel price has risen 2.0 cents in the last week and is $4.02 per gallon.

    According to GasBuddy price reports, the cheapest station in Albany was priced at $3.19/g Sunday, while the most expensive was $3.79/g, a difference of 60.0 cents per gallon. The lowest price in the state Sunday was $2.35/g while the highest was $4.39/g, a difference of $2.04/g.

    The national average price of gasoline has risen 6.4 cents per gallon in the last week, averaging $3.51/g Monday. The national average is up 27.0 cents per gallon from a month ago and 8.7 cents per gallon higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

    Historical gasoline prices in Albany and the national average going back ten years:

    March 25, 2023: $3.43/g (U.S. Average: $3.42/g)
    March 25, 2022: $4.28/g (U.S. Average: $4.24/g)
    March 25, 2021: $2.88/g (U.S. Average: $2.86/g)
    March 25, 2020: $2.31/g (U.S. Average: $2.03/g)
    March 25, 2019: $2.62/g (U.S. Average: $2.65/g)
    March 25, 2018: $2.62/g (U.S. Average: $2.60/g)
    March 25, 2017: $2.30/g (U.S. Average: $2.28/g)
    March 25, 2016: $2.07/g (U.S. Average: $2.03/g)
    March 25, 2015: $2.51/g (U.S. Average: $2.42/g)
    March 25, 2014: $3.68/g (U.S. Average: $3.53/g)

    Neighboring areas and their current gas prices:

    Waterbury- $3.39/g, up 5.7 cents per gallon from last week’s $3.34/g
    Hartford- $3.38/g, up 8.4 cents per gallon from last week’s $3.30/g
    Springfield- $3.25/g, up 6.1 cents per gallon from last week’s $3.19/g

    “We’ve now seen the national average price of gasoline rising for four straight weeks, which isn’t uncommon for this time of year. What is uncommon is the number of attacks on Russian oil refiners; attacks which could have ripple effects worldwide if they continue,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Russia could see more capacity impacted by the attacks, forcing it to buy such products on the global market, pushing prices up everywhere. With oil prices now under more pressure and attacks potentially increasing on Russian refiners, we could be in for a few more weeks of rising prices. Significant as well is the fact that Americans are now seeing inflation again at the pump with prices higher than they were a year ago.”

    Michael Mahar

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