Gas prices fall, likely to keep ‘going down like a rock’

Average gasoline prices fell last week over fears about the coronavirus and are likely to keep falling in the wake of an unexpected plunge in the price of oil, GasBuddy. com said Monday.

Local averages Monday morning were $2.47 per gallon in Ulster County, down 5 cents from a week earlier; $2.63 in Dutchess County, down a penny; and $2.60 in Greene County, down 3 cents.

The statewide average Monday was $2.57 per gallon, down 4.6 cents from a week earlier, GasBuddy reported. The national average fell 6.3 cents per gallon, to $2.36.

“It’s been an unprecedented week, one in which oil majors Russia and Saudi Arabia saw anything but eye to eye on lowering oil production, leading crude oil prices to plummet 20% in Sunday evening trade, combined with COVID-19 fears escalating, and gas prices have nowhere to go but down and like a rock,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

“Oil has now seen its value cut nearly in half after Iran tensions inflamed prices months ago, and it doesn’t immediately look like it will get any better,” DeHaan said. “For motorists, I urge them to be in absolutely no hurry to fill up as gas prices will drop in nearly every nook and cranny of the country, from the smallest cities to the largest metros. At a time of year that prices are usually rising, we’ll see anything but that.”

New York state’s average gasoline price Monday was 6.9 cents per gallon lower than a month and 3.4 cents lower than a year ago. The national average Monday was 5.9 cents per gallon lower than a month and 12.58 cents lower than a year ago.

Over the past five years, the average gasoline price on March 9 in New York state has been: $2.61 per gallon in 2019, $2.70 in 2018, $2.43 in 2017, $1.94 in 2016 and $2.61 in 2015.

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