Gas prices inch down, but further decline in doubt

KINGSTON, N.Y. » The average retail gasoline price in New York state fell 0.6 cents per gallon last week, settling at $2.97 on Sunday, according to GasBuddy. com.

In the Mid-Hudson Valley, according to GasBuddy, average prices Monday afternoon were $2.90 per gallon in Ulster County (up 3 cents from a week earlier), $2.99 in Dutchess County (up a penny), $2.91 in Greene County (up 2 cents) and $2.90 in Columbia County (down 8 cents).

The national average Sunday was $2.83 per gallon, down 0.8 cents from a week earlier.

“With a muted response from OPEC to President Trump’s exhortation via Twitter that OPEC do something to reign in high oil prices, we may see energy markets rally as concerns grow that Iran’s sanctions effective in November may pose more a challenge to global supply than anticipated,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Oil prices jumped to fresh highs ... on reaction to the chilly reception to Trump’s concern, with several oil ministers downplaying the rise in oil prices.

“Moving forward, with Iran’s oil essentially out of reach, gas prices may not see the typical decline we had been expecting as recently as the last two weeks as new concerns emerge about the tightrope balance some oil producing countries are hoping for — pushing supply down as global demand rises,” DeHaan added. “That’s not going to be good news for motorists.”

New York state’s average gas price Sunday was 1.1 cents per gallon lower than a month earlier but still 22.1 cents higher than a year ago. The national average was unchanged from a month ago but 28.8 cents per gallon higher than a year ago.

Average gasoline prices on Sept. in New York have ranged widely over the last five years: $2.75 per gallon in 2017, $2.31 in 2016, $2.46 in 2015, $3.61 in 2014 and $3.75in 2013.

For live fuel price averages, go to fuelinsights.gasbuddy.com.

In the Mid-Hudson Valley, according to GasBuddy, average prices midday Monday were $2.87 per gallon in Ulster County, $2.98 in Dutchess County, $2.89 in Greene County and $2.98 on Columbia County.