Gas prices fall; election result could have future impact
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 GasBuddy.com.
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. GasBuddy.com.