Gasoline prices rise, but Saudi move could reverse trend
KINGSTON >> The average retail gasoline price in New York state rose 1.8 cents per gallon last week, reaching $2.34 on Sunday.
In the Kingston-Ulster area Monday afternoon, most stations were selling 87-octane unleaded for $2.21 to $2.25 per gallon, according to the gasoline price website GasBuddy.com.
“Gasoline prices have risen in much of the country over the last week as crude oil prices rose to over $50 per barrel as the market weighed the possibility of OPEC cutting production,” said Patrick DeHaan, a senior petroleum analyst for GasBuddy.
But “moving forward, oil may be on shaky ground as signs emerge that OPEC may not cut production as they indicated two weeks ago,” De-
Haan said. “The Saudis recently cut crude oil prices to some customers for November delivery, a fresh sign the kingdom is staying aggressive about market share. This could lead to some relief as we head toward the holidays.”
New York’s average gas price on Sunday was 5.7
cents per gallon lower than the same day a year ago but 2.5 cents higher than a month ago.
Sunday’s national average of $2.25 per gallon was 3.3 cents higher than a week earlier and 7.9 cents higher than a month ago but still 6.1 cents lower than a year ago.
According to GasBuddy historical data, gasoline prices on Oct. 10 in New York state have ranged widely over the last five
years: $2.39 per gallon in 2015, $3.54 in 2014, $3.63
in 2013, $4.12 in 2012 and $3.68 per gallon in 2011.