Gas prices fall, but analyst warns of uptick

'Oil prices have rebounded ... which may cut the party at the pump short in the weeks ahead,' Patrick DeHaan says.

The average retail price of gasoline in New York fell 3.5 cents per gallon last week to settle at $2.72 on Sunday, according to GasBuddy.com’s survey of more than 6,100 gas outlets in the state.

The local averages midday Monday, according to GasBuddy, were $2.67 in Ulster County, $2.72 in Dutchess County, $2.71 in Greene County and $2.62 in Columbia County.

The national average fell by 5.4 cents per gallon, to a Sunday level of $2.51, GasBuddy said.

Prices fell in “nearly every state ... as retail gas prices saw more catching up to the previous decline in crude oil prices,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

DeHaan cautioned, though, that “oil prices have rebounded from their lows and are again strengthening, which may cut the party at the pump short in the weeks ahead.”

Despite the recent drops, New York state’s average gas price Sunday was still 3.7 cents higher than a month earlier and 26.9 cents higher than a year ago.

The national average Sunday was 2.5 cents lower than a month ago but still 23.4 cents higher than a year ago.

According to GasBuddy historical data, gasoline prices on Feb. 19 in New York have ranged widely over the last five years: $2.45 per gallon in 2017, $1.96 in 2016, $2.46 in 2015, $3.65 in 2014 and $3.99 in 2013.

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