Gas prices inch downward; more relief possible

The average retail price of gasoline in New York state fell 1.5 cents per gallon last week to settle at $2.99 on Sunday, according to GasBuddy. com.

In the Mid-Hudson Valley, according to GasBuddy, average prices per gallon midday Monday afternoon were $2.88 in Ulster County (down a penny from a week earlier), $3.01 in Dutchess County (also down 1 cent), $2.95 in Greene County (unchanged) and $2.95 in Columbia County (up 4 cents).

The national average Sunday was $2.82 per gallon, down 4.4 from a week earlier.

“Last week saw a small party at the pump — gas prices in nearly all states moved lower as the national average fell to its lowest in 75 days,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “With Libya resuming oil exports, oil prices have been under pressure the last two weeks, falling briefly under $68 per barrel last week, closing out the week far lower than two weeks ago when oil prices touched $75. In addition, signs are pointing to greater oil production from both Russia and Saudi Arabia, further tempering fears of too little supply.

“It has been the large drop in the price of crude oil that has opened the door for gasoline and diesel prices to move lower for the time being,” DeHaan said. “More good news? Retail gas prices still have some downward movement coming to catch up to the recent drop in oil.”

New York state’s average gas price Sunday was a penny per gallon lower than a month earlier but still 57.8 cents higher than a year ago.

The national average has dropped 1.6 cents per gallon during the last month but still stands 55.4 cents higher than a year ago.

Average gasoline prices on July 23 in New York state have ranged widely over the last five years: $2.41 per gallon in 2017, $2.35 in 2016, $2.90 in 2015, $3.86 in 2014 and $3.93 in 2013.