Down­ward trend of gas prices might be end­ing

Daily Freeman (Kingston, NY) - - LOCAL NEWS - Free­man staff

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.

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