Gas prices fall, but inventory loss a concern

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.