Gas prices fall as July 4 arrives; reversal possible soon

The average gasoline price in New York state fell another 3.3 cents per gallon last week to settle at $2.41 on Sunday, according to GasBuddy.com.

The national average dipped by 2.7 cents per gallon to $2.22.

“With July 4 around the corner, the national average gasoline price has fallen over the last week yet again,” said Dan McTeague, a senior petroleum analyst for GasBuddy. He cautioned, though, that “while it has been over a month since the national average last saw a weekly rise, it is looking more likely we will soon face just that. Oil prices have rebounded off the previous $42 per barrel low, and now stand near $45 per barrel. It is just a matter of time before the national average bottoms out for the short-term, but at least the low prices was perfectly timed with what may be the lowest average gas prices of the summer as we celebrate the Fourth.”

“While gasoline prices will likely begin to creep higher, the summer driving season could still end up being the lowest overall average since 2005,” McTeague added.

In the Kingston-Ulster area Monday afternoon, most stations were selling 87-octane unleaded for $2.19 to $2.23 per gallon.

New York’s average gasoline price Sunday was down 9.4 cents from a month ago and unchanged from a year ago, according to GasBuddy.

The national average on Sunday was 15.4 cents lower than a month ago and 4.8 cents lower than a year ago.

According to GasBuddy historical data, gasoline prices on July 3 in New York state have ranged widely over the last five years: $2.41 per gallon in 2016, $2.94 in 2015, $3.93 in 2014, $3.71 in 2013 and $3.60 in 2012.

For live fuel price averages, go to FuelInsights.GasBuddy.com.