Drivers in the Binghamton area are encountering higher gasoline prices after several weeks of relative stability.

Some gas stations in the region have raised pump prices by at least 12 cents a gallon over the past few days. It appears motorists should prepare for more price hikes between now and Labor Day.

GasBuddy petroleum analyst Patrick De Haan said wholesale gas prices started to rise in part because of heat-related problems at some U.S. refineries.

Gas prices increased again at the Kwik Fill convenience store on West State Street in Binghamton on July 26, 2023. Photo: Bob Joseph/WNBF News
An employee at the Kwik Fill convenience store on West State Street in Binghamton changed the posted gas prices on a pump on July 26, 2023. (Photo: Bob Joseph/WNBF News)
loading...

De Haan told WNBF News that some equipment is being adversely affected by extreme heat causing a loss of output at a time of year when gasoline demand usually peaks. He said other factors include inventory levels being at their lowest point since 2015 and OPEC production cuts.

While the New York state average price rose about seven cents over the past week, the national average jumped by 11 cents.

De Haan said prices "should probably drift a little bit higher" in early August. He said they may go up another 10 to 20 cents a gallon in the next week or two.

Weather conditions may have a big impact on gas prices for the rest of the summer. There's concern that major hurricanes could cause significant damage to refineries.

If production facilities are affected, pump prices could increase dramatically.

De Haan said without serious hurricane-related problems, he hopes gas prices will stay below the four-dollar-a-gallon mark. But, he said, "we're going to get close in the next couple of weeks."

WNBF News Radio 1290 AM & 92.1 FM logo
Enter your number to get our free mobile app

Contact WNBF News reporter Bob Joseph: bob@wnbf.com or (607) 545-2250. For breaking news and updates on developing stories, follow @BinghamtonNow on Twitter.

LOOK: See how much gasoline cost the year you started driving

To find out more about how has the price of gas changed throughout the years, Stacker ran the numbers on the cost of a gallon of gasoline for each of the last 84 years. Using data from the Bureau of Labor Statistics (released in April 2020), we analyzed the average price for a gallon of unleaded regular gasoline from 1976 to 2020 along with the Consumer Price Index (CPI) for unleaded regular gasoline from 1937 to 1976, including the absolute and inflation-adjusted prices for each year.

Read on to explore the cost of gas over time and rediscover just how much a gallon was when you first started driving.

LOOK: The largest lottery jackpots in US history

Stacker compiled a list of the 15 largest lottery jackpots in U.S. history from news reports and lottery press releases. [This list is current as of July 25, 2023.]

LOOK: Celebrity stage names vs. their real names

Stacker reveals the real names of celebrities.

More From WNBF News Radio 1290 AM & 92.1 FM