Binghamton Gas Prices: Industry Analyst Provides 4th of July Forecast
Drivers in the Binghamton area may be a bit surprised by gasoline prices in the region over the next few months.
Patrick De Haan, an oil industry analyst, expects the price at the pump to start the traditional seasonal increase soon. But prices may not jump by as much as some people fear.
Speaking during a live WNBF News interview, De Haan noted New York state's average gas prices actually have dropped by a penny a gallon over the past month. He said that's unusual for this time of year. But he believes that's about to change.
De Haan said the banking crisis had a brief effect on oil prices, stalling typical seasonal increases. Now that the banking issues appear to have been addressed, world oil prices have started rising again.
The GasBuddy website on Thursday showed a few Binghamton-area retailers selling gas for $3.25 a gallon. One place had a pump price of $3.21, while many stations were selling regular gasoline for about $3.30 a gallon.
De Haan said motorists in the Southern Tier likely will see prices to start increasing over the next couple of weeks. He anticipates a gallon of gas could cost five to ten cents more every week or two as the summer driving season approaches.
De Haan added the ongoing uncertainty about the economy may keep prices from rising as much as they normally would during the summer.
De Haan was reluctant to provide a very specific gas price prediction for the Fourth of July holiday but he expects it will be below four dollars a gallon. He included the caveat that he has a "low to medium confidence" in his prediction because "a lot can change" over the next three months.
Contact WNBF News reporter Bob Joseph: firstname.lastname@example.org or (607) 545-2250. For breaking news and updates on developing stories, follow @BinghamtonNow on Twitter.