Albany gas prices spike amid oil producers' cuts

ALBANY, N.Y. (NEWS10) — Major oil-producing countries led by Saudi Arabia recently said they'd be cutting supplies of crude, and the Capital Region is already feeling the pain at the pump. In Albany, a gallon of gas set most people back $3.48 on Friday—nearly five cents more than it would have a week ago.

"While demand has been somewhat soft this spring, the move to cut oil production ahead of the busiest months for consumption certainly sends a message that OPEC+ countries are aligned in their desire for consumers to pay more," said Patrick De Haan, head of petroleum analysis at GasBuddy. "While the initial impact to consumers could be 10 to 20 cents at the pump, there could be further developments in the days or weeks ahead that enhance the impact, especially as motorists prepare for the summer driving season."

Despite the recent increase, Albany gas prices are still below the national average. On Friday, that number stood at $3.49 per gallon—an alarming nine-cent increase from last week.

There are still a few stations in the area offering relief at the pump. According to GasBuddy, the Gulf on Crane Street in Schenectady has the lowest price, at $3.19 per gallon.

The Associated Press contributed to this report.