Average gasoline prices inch downward in New York

Average retail gasoline prices in New York have fallen 0.7 cents per gallon in the past week, averaging $2.97 per gallon Monday.

This compares with the national average, which has fallen 1.4 cents per gallon in the last week to $2.82, according to gasoline price website GasBuddy.com.

Including the change in gas prices in New York during the past week, prices Sunday were 21.2 cents per gallon higher than the same day one year ago and are 2.2 cents per gallon lower than a month ago.

The national average has dropped 4.4 cents per gallon during the last month and stands 18.3 cents per gallon higher than this day a year ago.

Average gasoline prices on Sept. 4 in New York have ranged widely over the last five years: $2.76 per gallon in 2017, $2.31 per gallon in 2016, $2.60 per gallon in 2015, $3.68 per gallon in 2014 and $3.86 per gallon in 2013.

“We’ve closed the door on the most expensive summer at the pump since 2014, finishing the period from Memorial Day to Labor Day with an average of $2.87 per gallon, a full 55 cents higher than last summer, but still 71 cents per gallon cheaper than 2014. Much of the blame for the summer’s higher gas prices can be blamed on OPEC’s long-term decision to cut oil production to better balance supply and demand, pushing prices higher,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Now that summer is over, gas prices are likely to seasonally decline by the end of the year, but with Tropical Storm Gordon likely to impact the sensitive Gulf Coast region, gas prices may move higher before we see the seasonal down trend emerge. We’re carefully watching the storm for possible disruptions to refineries and gas stations, and will continue to do so until hurricane season ends.” For live fuel price averages, visit http://FuelInsights.GasBuddy. com.