ALBANY — The average price of a gallon of regular in the Capital District jumped by 43 cents over the past week to $4.24 per gallon, according to a survey of 546 stations by Gas Buddy.
That is 61.1 cents per gallon higher than a month ago and $1.43 higher than a year ago.
Nationally, the average price of a gallon of regular jumped 41 cents over seven days and surpassed $4 a gallon late last week for the first time since 2008. As of Sunday, March 6, the average cost of a gallon was just 10 cents lower than the all-time high of $4.103 per gallon.
“This is a milestone that was hard to imagine happening so quickly, but with bipartisan support of severe sanctions on Russia, is not exactly surprising — it is the cost of choking off Russia from energy revenue,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “As Russia’s war on Ukraine continues to evolve and we head into a season where gas prices typically increase, Americans should prepare to pay more for gas than they ever have before.”
The global uncertainty is in addition to seasonal factors — including an increased demand for gas, refinery maintenance and the switch to summer blend gas — that add to the price of gasoline each year.
Some notable dates and numbers, according to GasBuddy:
• Last week’s 41-cent spike was second only to a 49-cent jump in the cost of a gallon of regular during the week of Sept. 3, 2005.
• The 15.8-cent per gallon spike seen on Friday, March 4, was the second largest daily rise ever, second only to an 18.1-cent spike as Hurricane Katrina tore through the Gulf 17 years ago.
• June 8, 2008, was the first time the nation saw an average of $4 per gallon.
• July 17, 2008, the nation saw an all-time high of $4.103 per gallon.
• May 12, 2021, the nation saw a $3 per gallon average for the first time since 2014.
“There are few words to describe the unprecedented rise in gasoline prices over the last week, with massive spikes coast to coast in both gasoline and diesel prices, as oil prices jump to their highest since 2008,” De Haan said. “Forget the $4 per gallon mark, the nation will soon set new all-time record highs and we could push closer to a national average of $4.50 per gallon. California could be heading for $5.50 per gallon with more stations charging $6 and beyond.”
