Why are gas prices going up in New York?

State gas prices rose for the second consecutive week and reached an average of $3.55 per gallon of regular fuel on Monday, up from last week's price according to the AAA.

The average fuel price in state has risen about 17 cents since last month. According to the EIA, gas prices across the state in the last year have been as low as $3.11 on Jan. 22, 2024, and as high as $3.86 on Aug. 14, 2023.

In the Lower Hudson Valley, the current average price for regular gas is $3.66 up from $3.58 last week, according to AAA.

>> INTERACTIVE: See how your area's gas prices have changed over the years at data.lohud.com.

How expensive is gas right now in New York?

The average price for a gallon of regular gas in the U.S. was $3.63 as of Monday, according to AAA, up almost 4 cents from a week earlier and 22 cents from a month ago. The price was down 3 cents from a year ago, however. Gas prices in New York rose for the second consecutive week and reached an average of $3.55 per gallon of regular fuel on Monday, up from last week's price.

Oil prices sank by about $1 a barrel on Monday after the attack proved to be less damaging than anticipated, easing concerns of a quickly intensifying conflict that could disrupt production. Gasoline is made from crude oil.

The futures price of Brent, the global crude oil benchmark, fell $1.15, or about 1.3%, to $89.30 a barrel by 11:23 a.m. EDT on Monday while West Texas Intermediate (WTI), the U.S. benchmark grade, slipped $1.11, or about 1.3%, at $84.55.

Oil benchmarks had risen on Friday in anticipation of Iran's retaliatory assault, with prices soaring to their highest since October.

Why are gas prices going back up in New York?

Spokesperson for AAA, Andrew Gross, told USA TODAY that the most recent price increase is no surprise.

Historically, gas prices typically increase in the transition from February to March. From 2021 to 2024, gas prices during these months have increased by as much as 71 cents.

“Gas prices move higher in the spring and summer every year. The nation makes the switch from cheaper winter blend gas to summer starting in March and April,” Gross said. “The better weather and longer days usually leads to more driving, pushing demand up.”

Even though drivers are experiencing high gas prices right now, Gross said these prices will most likely decrease as we approach the cooler months in 2024. As the months go from August to September, drivers can expect to see gas prices decrease between 10 to 20 cents.

Typically, gas prices increase during the warmer months because of the higher rates of travel. To accommodate these travelers, more supply is needed, Gross said.

“Prices will dip with the approach of fall, like they always do,” Gross said. “But keep an eye out for hurricane season, which is expanding and now stretches well into November. A storm hitting the Gulf Coast and damaging a large refinery could cause prices to spike regionally for a few weeks.”

Will gas prices go up after the Iran attack on Israel?

Following the attack, analysists said they are anticipating oil prices to rise Monday, but just how much depends on how Israel and U.S. choose to respond, according to reporting from Reuters.

The global benchmark Brent crude oil rose to the highest price it's been since October, $92.18 per barrel, on Friday helped in part by widespread concern of an Iranian attack.

Tamas Varga of oil broker PVM said "However fierce and painful the initial market reaction will be, the rally could prove to be short-lived unless supply from the region is materially disrupted."

UBS analyst Giovanni Staunovo said the G7 meeting Sunday will be monitored to see if the leaders target Iranian crude exports as a part of their diplomatic response to the attack.

The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the U.S. Energy Information Administration. This story was written by Ozge Terzioglu with contributions from Ahjané Forbes and Nathan Diller.

This article originally appeared on Rockland/Westchester Journal News: New York gas prices: Why are prices going up so fast?