No October swoon for gas prices this year
The trend of the past four years has yet to return because of higher oil prices and lower refinery output.
The average retail gasoline price in New York state declined by 0.4 cents per gallon last week to settle at $2.34 on Sunday.
In the Kingston-Ulster area Monday afternoon, most stations were selling 87-octane unleaded for $2.23 to $2.25 per gallon, virtually unchanged from a week earlier, according to the gasoline price website GasBuddy.com.
The national average gasoline price on Sunday was $2.23 per gallon, down 2.4 cents from a week earlier, according to GasBuddy.
“October is a time we all expect gas prices to decline,” said Gregg Laskoski, a senior petroleum analyst for GasBuddy. He noted that in the past four years, the U.S. average has dropped between 11 and 34 cents per gallon between Oct. 1 and 31.
“But this month has proven to be an exception, with the national average still a few cents higher than where it was on Oct. 1,” Laskoski said. “While the price increase of crude oil has stalled the expected price decrease for retail gasoline, problems at major refineries ... have adversely impacted supply as well.”
Laskoski said U.S. refinery output is at its lowest level since Jan. 22, 2015.
New York state’s average gasoline price on Sunday was 3.7 higher than a month earlier but 3.2 cents per gallon lower a year ago. The national average on Sunday was 3 cents higher than a month ago but 3.4 cents lower than a year ago.
According to GasBuddy historical data, gasoline prices on Oct. 17 in New York have ranged widely over the last five years: $2.37 per gallon in 2015, $3.47 in 2014, $3.60 in 2013, $4.08 in 2012 and $3.71 in 2011.