Gas prices fall ahead of busy travel period

With the holiday travel season about to kick into high gear, the average retail gasoline price in New York state fell 2.6 cents per gallon last week to settle at $2.35 on Sunday.

In the Kingston-Ulster area, most stations were selling 87-octane unleaded for $2.15 to $2.19 per gallon midday Monday, according to GasBuddy.com.

“As motorists pack their bags and prepare to head out for Thanksgiving, gas prices are falling across much of the country,” said Patrick DeHaan, a senior petroleum analyst for GasBuddy. “With a record amount of travelers, motorists will be facing congestion not only on highways but gas stations. But at least low gas prices have lingered for much of this year.”

DeHaan cautioned, though: “Keep an eye on word from OPEC over the holiday weekend. There could be some surprises at a major meeting to decide the fate of an oil production cut.” Reduced production of oil typically leads to higher prices at the gas pumps.

“But no matter what eventually takes place with the OPEC meeting, motorists are virtually guaranteed another year of gas prices that will remain well under all-time record highs as oil prices will likely remain confined between $40 and $60 for much of the next year,” DeHaan said.

New York state’s average gas price on Sunday was 3.1 cents per gallon higher than the same day a year ago but 1.4 cents lower than a month ago.

The national average Sunday was $2.13, which was 1.7 cents lower than a week earlier, 8.6 lower than a month earlier and 5.4 cents higher than a year earlier.

According to GasBuddy historical data, gasoline prices on Nov. 21 in New York have ranged widely over the last five years: $2.32 per gallon in 2015, $3.20 in 2014, $3.54 in 2013, $3.92 in 2012 and $3.63 in 2011.