Gas prices fall; elec­tion re­sult could have fu­ture im­pact

Daily Freeman (Kingston, NY) - - LOCAL NEWS - Dig­i­tal First Me­dia

The av­er­age re­tail gaso­line price in New York state fell 2.3 cents per gal­lon last week, set­tling at $2.37 on Sun­day.

In the Kingston-Ul­ster area, most sta­tions were sell­ing 87-oc­tane un­leaded for $2.19 to $2.25 per gal­lon late Mon­day af­ter­noon, ac­cord­ing to gaso­line price web­site

Gregg Laskoski, a se­nior pe­tro­leum an­a­lyst for GasBuddy, said the re­sult of last week’s pres­i­den­tial elec­tion could im­pact gas prices go­ing for­ward.

“While it’s less than a week af­ter the big­gest up­set in U.S. elec­tion his­tory, en­ergy in­dus­try ex­perts are al­ready spec­u­lat­ing on what steps a Trump ad­min­is­tra­tion might en­act first — whether the ear­li­est ini­tia­tives might elim­i­nate reg­u­la­tions or per­haps look to in­crease do­mes­tic oil and gas pro­duc­tion,” Laskoski said. “The Key­stone XL Pipe­line, for in­stance, is ex­pected to find it­self in a more fa­vor­able en­vi­ron­ment for ap­proval, but it re­mains de­bat­able whether such a devel­op­ment would di­rectly ben­e­fit U.S. con­sumers.

“Over the next few weeks, ex­pect prices at the pump to move lower based on mar­ket fun­da­men­tals, not pol­i­tics,” Laskoski said. “In­ven­to­ries re­main healthy, and whole­sale gaso­line prices across the U.S. to­day, on av­er­age, are more than 10 cents per gal­lon lower than where they stood just a week ago.”

New York state’s av­er­age gas price on Sun­day was 1.5 cents higher than a month ear­lier and 2.6 higher than a year ago.

That na­tional av­er­age on Sun­day was $2.15 per gal­lon, which was 4.9 cents lower than a week ear­lier, 8.8 cents lower than a month ago and 1.4 cents lower than a year ago.

Ac­cord­ing to GasBuddy his­tor­i­cal data, gaso­line prices on Nov. 14 in New York state have ranged widely over the last five years: $2.34 per gal­lon in 2015, $3.25 in 2014, $3.50 in 2013, $3.98 in 2012 and $3.67 in 2011.

For live fuel price av­er­ages, go to FuelIn­sights.

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