Syracuse (WSYR-TV) - For the first time this year, we are paying more on average for a gallon of gas than we did one year ago.
The reason is two fold: prices are going up now, and prices were falling fast back then as Wall Street fell apart.
What we're paying to fill up at the gas pump now is more than what we paid over the summer, the time gas prices typically peak.
According to multiple price tracking websites, the price for a gallon of gas in the Syracuse area is ranging from a low of $2.73 to a high of $2.94. Those prices are still much lower than when prices peaked at more than $4 in the summer of 2008, but not what drivers want to see, especially with the holidays coming up.
The average price in Central New York was $2.82 a gallon, up eight cents in a week. One month ago, the average price was $2.64 a gallon. One year ago, gas averaged $2.65 a gallon.
What’s causing the price hike? Crude oil prices have been rising and because of that refiners have been cutting back on production. However, a report out Wednesday says gas supplies are actually up this week, which could slow down this fast increase in what we pay to fill up.
