GAS PRICES TAKE A NICE DIP

Average retail gasoline prices in New York have fallen 3.2 cents per gallon in the past week, averaging $2.45/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 4.4 cents per gallon in the last week to $2.28/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in New York during the past week, prices yesterday were 1.6 cents per gallon higher than the same day one year ago and are 3.8 cents per gallon lower than a month ago. The national average has decreased 7.1 cents per gallon during the last month and stands 5.8 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on June 19 in New York have ranged widely over the last five years: $2.43/g in 2016, $2.95/g in 2015, $3.89/g in 2014, $3.75/g in 2013 and $3.70/g in 2012.

Areas near New York and their current gas price climate:
Syracuse- $2.30/g, down 3.3 cents per gallon from last week’s $2.33/g.
Rochester- $2.38/g, down 3.0 cents per gallon from last week’s $2.41/g.
Scranton- $2.47/g, down 4.5 cents per gallon from last week’s $2.52/g.

“Another week, another nearly country-wide decline in average gasoline prices as crude oil prices struggle near the lowest levels of the year,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “Motorists shouldn’t expect too much more of the nice price declines we’ve seen in the last couple of weeks as hurricane season comes in to view, but we could see another week with a majority of states seeing prices move lower again, thanks to gasoline inventories that remain quite healthy, along with refiners that continue to push out product at rates that have been higher than demand, leading to crude oil prices that have struggled mightily to gain a footing. It looks like even OPEC’s best move to thwart supply increases hasn’t done much thanks to U.S. oil production which has charged back like a bull.”