Gas and diesel prices expected to jump again, analysist says

GREENE COUNTY―The nation’s average price of gasoline is virtually unchanged over last week and stands at $4.07 per gallon, according to GasBuddy data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country.

Across New York State, the average price for a gallon of regular gasoline stood at $4.12 on Monday. In Greene County it was $4.09.

The national average is up 39.1 cents from a month ago and is 93.4 cents per gallon higher than a year ago. The national average price of diesel rose 4.1 cents in the last week and stands at $5.617 per gallon.

Diesel in New York stands at an average of $5.95 per gallon.

“Average gasoline prices surged for many Americans through the first half of last week before easing in some areas after oil prices slipped following President Trump’s announcement of a ceasefire,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

“However, with a breakdown in talks and renewed escalation over the weekend, motorists should prepare for another round of price increases. The move toward a full blockade of the Strait of Hormuz is compounding global supply concerns and risks further disrupting flows, which pushed oil prices sharply higher in Sunday night trading,” De Haan said.

“As a result, gasoline prices are likely to jump again this week, with diesel expected to follow, until there is a meaningful restoration of shipping through the Strait,” he added.

Looking ahead, GasBuddy predicts markets will likely remain highly reactive to developments surrounding the ceasefire and any signs of renewed tension.