Gas prices rise, but moderation expected
An industry analyst says the cost per gallon usually eases in November, sometimes by more than a dime.
The average retail price of gasoline in New York state rose 3.1 cents per gallon last week to reach $2.38 on Sunday.
In the Kingston-Ulster area, most stations were selling 87-octane unleaded for $2.23 to $2.25 per gallon Monday afternoon, according to GasBuddy.com.
An industry analyst says a notable trend points to a moderation of prices for the rest of the month.
“If there’s one thing to be excited about for November, it’s that gas prices in the last five of them have not risen nationally,” said Patrick DeHaan, a senior petroleum analyst for GasBuddy. “Better yet, over the same time frame, gas prices nationally have averaged a modest 12-cent decline from start to finish. And while there may be more excitement as America heads to the polls this week, it’s important to dispel the myth: Presidential elections do not affect gas prices.
“Whomever is our next commander in chief, we could see a change to previous energy policy, which could have a negligible impact on gasoline prices, but more focus will be on OPEC’s coming decision to follow through on cutting oil output,” DeHaan said.
New York’s state’s average gas price Sunday was 4.3 cents higher than a month ago and 4.1 cents higher than a year ago.
The national average on Sunday was $2.21 per gallon, up 0.5 cents from a week earlier, but 5.2 cents lower than a month ago and 1.1 cents lower than a year ago
According to GasBuddy historical data, gasoline prices on Nov. 7 in New York state have ranged widely over the last five years: $2.34 per gallon in 2015, $3.30 in 2014, $3.52 in 2013, $3.98 in 2012 and $3.67 in 2011.
For live fuel price average updates, go to FuelInsights.GasBuddy.com.