Gasoline prices fall as oil production rises

The state average dropped 2.9 cents per gallon last week, and Mid-Hudson counties joined the downward trend.

The average retail prices of gasoline in New York state fell 2.9 cents per gallon last week, settling at $3.03 per gallon Sunday, according to GasBuddy.com.

In the Mid-Hudson Valley, according to GasBuddy, average prices per gallon midday Monday were $2.93 in Ulster County (down 4 cents from a week ago), $3.07 in Dutchess County (down 2 cents), $3.03 in Greene County (down a penny) and $2.96 in Columbia County (also down a penny).

The national average Sunday was $2.89 per gallon, down 2.4 cents from a week earlier.

“Average gas prices in the U.S. have fallen to their lowest in a month, following oil’s continued slump as OPEC appears poised to adjust oil production levels and the U.S. nears its hitting 11 million barrels of oil pumped per day, the highest level ever,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Oil bulls may see their day again this summer, but the prospects of higher oil supply have diminished the value of oil for the time being, and that’s leading to what nearly every American has been rooting for as of late — lower gas prices.

“While many are still bitter over having to pay more than last year, prices certainly could have moved higher if there hadn’t been pressure on OPEC to act now that the [previous] glut of crude oil has been absorbed into the market,” DeHaan said. “We see gas prices falling slightly into late June or early July before odds rise of hurricane season leading to some volatility at the pump, which could lead prices higher [in the] short term.”

New York state’s average gas price Sunday was 0.4 cents per gallon lower than a month ago but 58 cents higher than a year ago.

The national average has dropped 3.1 cents per gallon during the last month but stands 60.9 cents higher than a year ago.

Average gasoline prices on June 18 in New York have ranged widely over the last five years: $2.45 per gallon in 2017, $2.43 in 2016, $2.94 in 2015, $3.89 in 2014 and $3.75 in 2013.

For live fuel price averages, visit fuelinsights.gasbuddy. com.