N.Y. gas prices decline, but reversal expected

The average retail gasoline price in New York state fell 1.5 cents per gallon in the past week to settle at $2.97 on Sunday, according to GasBuddy.com.

In the Mid-Hudson Valley, according to GasBuddy, average prices Monday afternoon were $2.89 per gallon in Ulster County (down a penny from a week earlier), $3 in Dutchess County (up a penny), $2.92 in Greene County (up a penny) and $2.90 in Columbia County (unchanged).

The national average Sunday was $2.87 per gallon, up 1.5 cents from a week earlier.

“Overarching concern over tightening global oil supplies, in advance of U.S. trade sanctions on Iran, have helped [the] West Texas Intermediate [crude benchmark] rise $2.47 a barrel in just the past week, while Brent crude oil picked up nearly $4 in value to achieve thresholds not seen since November, 2014,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “Looking ahead, the squeeze in global supplies will almost certainly put gasoline prices under pressure and provide a strong basis for further increases at the pumps at a time when drivers are accustomed to seeing prices soften.

“Short of producing countries suddenly finding a million spare barrels of oil over the month of October, drivers should brace for even higher prices over the next several weeks,” DeHaan said

New York state’s average gasoline price Sunday was a penny per gallon lower than a month ago but 23.7 cents higher than the same day a year ago. The national average has risen 3.5 cents per gallon in the last month and 33.4 cents in the past year.

Average gasoline prices on Oct. 1 in New York have ranged widely over the last five years: $2.73 per gallon in 2017, $2.31 in 2016, $2.42 in 2015, $3.60 in 2014 and $3.69 in 2013.

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