Buffalo, N.Y. (WBEN) - Here we go again.
If you've filled up your tank over the last couple of days, you know you've emptied more of your wallet. Gas prices have jumped eight cents in the Western New York region in the past week.
Patrick DeHaan of GasBuddy.com tells WBEN refining challenges and a tightness in refining capacity have affected both gasoline and diesel prices.
"Imports are down, supply is tightening of gasoline as refineries carry out maintenance," said DeHaan.
He says this is the normal time of year for some of the maintenance to be happening at refineries, but the Northeast has seen a huge decline in the amount of refining capacity due to things like COVID-19 and the explosion at the Philadelphia energy solutions refinery back in 2019. There's also one other factor playing in here.
"With Russia's war in Ukraine, Europe is chasing many of those barrels as well, which is pushing up prices and demand," DeHaan said.
As for diesel prices, they are up 33% for November delivery.
"That's because of the reliance on imports due to a lack of refining capacity," says DeHaan. "You are competing very heavily with Europe. Europe is trying to get rid of its dependence on Russia for refined products and oil, so Europe is now competing for the same diesel supplies that would go to the Northeast. As a result, there's less available and prices are much higher."
Elizabeth Carey from AAA says while Western New York's gas prices have gone up eight cents a gallon from last week, it's worse the further East you go.
"Rhode Island went up 27 cents, Connecticut went up 22 cents, Maine - 22 cents, New Hampshire - 20 cents," said Carey.
Carey says the highest prices in the state are currently in the Adirondacks.
There appears to be some good news on the horizon, though, as Carey says don't expect this to last long. She says the Oil Price Information Service thinks there will be a recovery in the coming weeks.
AAA works with OPIS in researching gas prices. Winter is also a traditional time for lower gas prices.
The average price for a gallon of gas is $3.71.
