Gas prices fall but are expected to rise in ’18

The average retail price of gasoline in New York state fell 1.9 cents per gallon last week to settle at $2.66 on Sunday.

In the Kingston-Ulster area, most gas stations were selling 87-octane unleaded for about $2.47 per gallon midday Monday, according to gasoline price website GasBuddy.com.

“With the exception of some Great Lakes states, where prices tend to be volatile, average gas prices moved lower in nearly the entire country in the last week,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Thank a large build in gasoline inventories and gasoline demand numbers that have finally seen a reprieve from levels that were more consistent with summer months than autumn.”

But, DeHaan added, “with OPEC extending its oil production cuts ... [drivers] may want to begin setting aside some additional funds for next year as all signs continue to point to higher prices than this year.”

New York state’s average gas price Sunday was 3.7 cents per gallon lower than a month ago but 26 cents higher a year ago.

That national average on Sunday was $2.45 per gallon, down 2.5 cents from a week earlier and 11.2 cents from a month ago but still 23.9 cents higher than a year ago.

According to GasBuddy historical data, gasoline prices on Dec. 11 in New York have ranged widely over the last five years: $2.40 per gallon in 2016, $2.28 in 2015, $3.02 in 2014, $3.63 in 2013 and $3.80 in 2012.

“With OPEC extending its oil production cuts ... [drivers] may want to begin setting aside some additional funds for next year as all signs continue to point to higher prices than this year.” — Patrick DeHaan, head of petroleum analysis for GasBuddy