Gas prices fall, but in­ven­tory loss a con­cern

Daily Freeman (Kingston, NY) - - LOCAL NEWS - Dig­i­tal First Me­dia

KINGSTON >> The av­er­age re­tail gaso­line price in New York state fell 1.4 cents per gal­lon last week, set­tling at $2.30 on Sun­day.

In the Kingston-Ul­ster area, most sta­tions were sell­ing 87-oc­tane un­leaded for $2.15 to $2.17 per gal­lon mid­day Mon­day, ac­cord­ing to the gaso­line price web­site GasBuddy.com.

Gregg Laskoski, a se­nior petroleum an­a­lyst for GasBuddy, said the restart of a dam­aged gas pipe­line in the South has al­lowed prices to sta­bi­lize.

“It’s been al­most a week since ser­vice has been re­stored to Colo­nial Pipe­line’s Line 1, a ma­jor gaso­line source for the South­east and At­lantic seaboard,” Laskoski said. “... Re­tail gas prices have peaked in four of the six states hit hard­est — Alabama, Ge­or­gia, North Carolina, South Carolina, Ten­nessee and Vir­ginia — by the pipe­line dam­age and shut­down.”

But Laskoski re­mained cau­tious.

“While it ap­pears that the worst may be be­hind us, we’re not out of the woods yet where gaso­line in­ven­tory lev­els are con­cerned,” he said. “The over­all drop in gaso­line in­ven­tory tied to Colo­nial Pipe­line was ap­prox­i­mately 8.5 mil­lion bar­rels. To put that in per­spec­tive, in the two weeks fol­low­ing Hur­ri­cane Ka­t­rina, East Coast gaso­line in­ven­to­ries shed 3.3 mil­lion bar­rels.”

New York state’s av­er­age gaso­line price Sun­day was 2.2 cents lower than a month ear­lier and 14.5 cents lower than a year ago, ac­cord­ing to GasBuddy.

The na­tional av­er­age on Sun­day was $2.20 per gal­lon, which was 0.7 cents lower than a week ear­lier, 1 cent lower than a month ago and 8.4 cents lower than a year ago.

Ac­cord­ing to GasBuddy his­tor­i­cal data, prices on Sept. 26 in New York state have ranged widely over the last five years: $2.44 per gal­lon in 2015, $3.60 in 2014, $3.73 in 2013, $4.08 in 2012 and $3.79 in 2011.

For up-to-date fuel price data, go to me­dia.gasbuddy.com.

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