Downward trend of gas prices might be ending
The average retail gasoline price in New York state was unchanged last week at $2.36 per gallon.
The national average, meanwhile, fell 1.8 cents per gallon to settle at $2.21 on Sunday according to gasoline price website GasBuddy.com.
But any downward trend might be ending.
“For the first week in the last 119 weeks (833 days), the national average price for a gallon of regular gasoline stands higher than it did a year ago,” said Patrick DeHaan, a senior petroleum analyst for GasBuddy. “The trend that has delivered consistently lower gas prices is showing signs of fading away as consistent discussion from both OPEC and non-OPEC members appears to be aligned for a likely production cut at the OPEC meeting in late November.
“If OPEC does follow through and cuts crude oil production, expect gas prices this winter to stay higher than last year,” DeHaan added. “... It’s very difficult to gauge what the outcome may be given the agendas of various oil-producing countries, but, no matter, don’t expect gas prices this winter to drop as low as last year, and certainly don’t expect next summer’s gas prices to be as low as this year.”
New York average gas price Sunday wase 1.4 cents per gallon higher than the same day a year ago and 5 cents higher than a month ago.
The national average has increased 1.2 cents per gallon during the last month and is 1.1 cents per gallon higher than a year ago.
According to GasBuddy historical data, gasoline prices on Oct. 24 in New York state have ranged widely over the last five years: $2.34 per gallon in 2015, $3.42 in 2014, $3.58 in 2013, $3.98 in 2012 and $3.71 in 2011.
For up-to-date fuel price averages go to fuelinsights. gasbuddy.com/Home/US/ New_York.