Gas prices continue to decline, could keep falling

The average retail price of gasoline in New York state fell 1.8 cents per gallon last week to settle at $2.66 on Sunday.

In the Kingston-Ulster area, most stations were selling 87-octane unleaded for $2.39 to $2.43 per gallon Monday afternoon, according to gasoline price website GasBuddy.com.

The national average Sunday was $2.44 per gallon, down 1.6 cents from a week earlier.

“The national average gas price is lower for the sixth straight week, the longest such decline since the summer of 2016,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Perhaps even more wild is that the national average has now remained under $3 per gallon for nearly three years, or 1,087 days, as the days of cheap oil have continued.

“While recent actions from OPEC may cause oil prices to hold above the key $50-per-barrel level, there is no threat of a quick return to the $3-per-gallon days,” DeHaan said. “In fact, the national average may continue to decline for a few weeks before leveling off as gasoline inventories continue to heal after [Hurricane] Harvey.”

New York state’s average gas price Sunday was 9.1 cents lower than a month ago but 29.8 cents per gallon higher a year ago, according to GasBuddy.

The national average has decreased 12 cents per gallon during the last month but still stands 22.2 cents higher than a year ago.

According to GasBuddy historical data, gasoline prices on Oct. 23 in New York have ranged widely over the last five years: $2.36 per gallon in 2016, $2.35 in 2015, $3.43 in 2014, $3.59 in 2013 and $4 in 2012.