Gas Price Continues Surprising Decline

Average retail gasoline prices in New York have fallen 4.5 cents per gallon in the past week, averaging $3.71/g yesterday, according to GasBuddy’s daily survey of 6,118 gas outlets in New York. This compares with the national average that has fallen 1.6 cents per gallon in the last week to $3.50/g, according to gasoline price website GasBuddy.com. In neighboring Bergen County, New Jersey gas can be found for $3.35 or so.

Including the change in gas prices in New York during the past week, prices yesterday were 38.4 cents per gallon lower than the same day one year ago and are 18.5 cents per gallon lower than a month ago. The national average has decreased 14.5 cents per gallon during the last month and stands 34.7 cents per gallon lower than this day one year ago.

“The slow trend downward in the nationl average has survived another week,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “While unprecedented, the decline in the national average certainly has delighted motorists who are used to large spikes in gasoline prices that come with the territory of springtime. With Memorial Day just five weeks away, there’s good news for motorists: prices will likely continue to lag behind year ago levels,” DeHaan said.

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