Gas prices fall further as summer approaches

KINGSTON, N.Y. » The average retail gasoline price in New York state fell 3.2 cents per gallon last week to settle at $2.45 on Sunday.

In the Kingston-Ulster area, most stations were selling 87-octane unleaded for $2.25 to $2.29 per gallon midday Monday, according to the gasoline price website GasBuddy. com.

“Another week, another nearly countrywide decline in average gasoline prices as crude oil prices struggle near the lowest levels of the year,” said Patrick DeHaan, a senior petroleum analyst for GasBuddy.

“Motorists shouldn’t expect too much more of the nice price declines we’ve seen in the last couple of weeks as hurricane season comes into view, but we could see another week with a majority of states seeing prices move lower again,” DeHaan said. He cited “gasoline inventories that remain quite healthy, along with refiners that continue to push out product at rates that have been higher than demand, leading to crude oil prices that have struggled mightily to gain a footing.”

“It looks like even OPEC’s best move to thwart supply increases hasn’t done much thanks to U.S. oil production, which has charged back like a bull,” DeHaan added. New York state’s average gas price Sunday was 3.8 cents per gallon lower than a month ago but 1.6 cents higher a year, ago, according to GasBuddy.

The national average on Sunday was $2.28 per gallon, down 4.4 cents from a week earlier, 7.1 cents from a month ago and 5.8 cents from a year ago.

According to GasBuddy historical data, gasoline prices on June 19 in New York state have ranged widely over the last five years: $2.43 per gallon in 2016, $2.95 in 2015, $3.89 in 2014, $3.75 in 2013 and $3.70 in 2012.