Gas Price Update – September 22

From GasBuddy.com

Average retail gasoline prices in the New York metro area have fallen 0.9 cents per gallon in the past week, averaging $2.30/g Monday, according to GasBuddy’s daily survey of 6,118 gas outlets in New York. This compares with the national average that has increased 2.7 cents per gallon in the last week to $2.20/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in New York during the past week, prices yesterday were 18.9 cents per gallon lower than the same day one year ago and are 1.6 cents per gallon higher than a month ago. The national average has increased 5.1 cents per gallon during the last month and stands 9.3 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on September 19 in New York have ranged widely over the last five years:
$2.49/g in 2015, $3.63/g in 2014, $3.79/g in 2013, $4.13/g in 2012 and $3.86/g in 2011.

Areas nearby New York and their current gas price climate:
Syracuse- $2.18/g, down 1.2 cents per gallon from last week’s $2.19/g.
Rochester- $2.24/g, down 1.8 cents per gallon from last week’s $2.26/g.
Scranton- $2.33/g, down 0.8 cents per gallon from last week’s $2.34/g.

“While gasoline prices have drifted lower in parts of the country, it’s impossible to ignore the elephant in the room: one of the largest gasoline pipelines in the country is out of service and a band-aid is not going to fix the problems in the Southeast as a result,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com.

“On September 9, a mine inspector in Alabama stumbled upon a large spill from Colonial Pipeline’s large Line 1 pipeline spanning from Texas to New Jersey, the artery and only major source of gasoline deliveries for much of the Southeast and Mid-Atlantic. The pipeline was immediately shut down due to ‘integrity issues’. Since the shut down- which is entering its second week- gasoline deliveries have all but halted and inventories at local gasoline racks have quickly been depleting as panicked motorists fill their tanks, leading to gas price spikes, supply outages and headaches in six primary states: Alabama, Georgia, North Carolina, South Carolina, Tennessee and Virginia,” DeHaan said, “though prices in neighboring states and regions may also rise as gasoline supply is diverted.”

“Colonial Pipeline Co. has suggested it is working on a go-around pipeline while it fixes the main pipeline, but there is no easy way to fix the pipeline and immediately restore gasoline deliveries. GasBuddy will keep motorists apprised on the latest developments on its blog and is actively monitoring the situation and may active an emergency fuel availability tool should the situation worsen,” he added. “This is among the largest outages of fuel since Superstorm Sandy in 2012.”