New York, national prices for gas inch up

Daily Freeman (Kingston, NY) - - FRONT PAGE -

Av­er­age re­tail gas prices in New York rose 0.5 cents per gal­lon in the past week, av­er­ag­ing $2.31 per gal­lon.

KINGSTON, N.Y. >> Av­er­age re­tail ga­so­line prices in New York have risen 0.5 cents per gal­lon in the past week, av­er­ag­ing $2.31 per gal­lon Sun­day.

This com­pares with the national av­er­age, which has in­creased 1.5 cents per gal­lon in the last week to $2.22, ac­cord­ing to ga­so­line price web­site Gas Buddy.com.

In­clud­ing the change in gas prices in New York dur­ing the past week, prices Sun­day were 9.7 cents per gal­lon lower than the same day one year ago and are 1.1 cents per gal­lon lower than a month ago.

“Ga­so­line prices quickly re­acted to news last week that OPEC had come to a de­ci­sion re­gard­ing cut­ting back oil pro­duc­tion,” said Pa­trick DeHaan, se­nior petroleum an­a­lyst for GasBuddy. “Oil prices surged on the news, which fu­eled gas prices to jump as well, but sev­eral days af­ter the news broke, there’s rea­son to doubt OPEC’s sin­cer­ity of a pos­si­ble pro­duc­tion cut. In ad­di­tion, Hur­ri­cane Matthew is a ma­jor storm worth mon­i­tor­ing as it heads for the East Coast, per­haps to ar­eas af­fected by the Colo­nial Pipe­line outage last month.”

The national av­er­age has in­creased 1.4 cents per gal­lon dur­ing the last month and stands 7.3 cents per gal­lon lower than this day a year ago.

Ac­cord­ing to GasBuddy his­tor­i­cal data, ga­so­line prices on Oct. 3 in New York have ranged widely over the last five years: $2.41 per gal­lon in 2015, $3.59 per gal­lon in 2014, $3.67 per gal­lon in 2013, $4.13 per gal­lon in 2012 and $3.72 per gal­lon in 2011.

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