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Average retail gasoline prices in Buffalo are up 0.4 percent in just the past week, following several weeks of decline, according to a report from GasBuddy.com.
The average price of gas per gallon in the region was $3.65 as of Sunday.
Nationally, the average price has increased 4.5 cents per gallon to $3.39 per gallon, and experts are attributing the rise to domestic refinery issues.
Prices had been on a steady decline in recent months.
Prices as of Sunday were 33.4 cents per gallon higher than the same date one year ago, according to the group that tracks local and national consumer fuel costs.
“Late last week we saw wholesale gasoline prices rise dramatically on some refinery issues, which leads me to believe that retail gasoline prices will rise in response,” GasBuddy Senior Petroleum Analyst Patrick DeHann said.
He also said recent European Union sanctions scheduled against Iran are cause for concern, as some predict Iran will cut European oil supplies prior to the sanctions taking effect, potentially causing a supply-side shortage while European countries scramble to find different sources.
GasBuddy regularly surveys fuel prices at more than 140,000 gas stations in the United States and Canada.
Local News
January 31, 2012
Gas prices back on the rise
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