Gasoline prices drop in past week

ALBANY, N.Y. >> Albany gas prices have fallen 0.8 cents per gallon in the past week, averaging $2.68 per gallon, according to GasBuddy’s daily survey of 546 stations.

Gas prices in Albany are 5.0 cents per gallon lower than a month ago, yet stand 17.8 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Albany is priced at $2.46 per gallon while the most expensive is $2.89 per gallon, a difference of 43.0 cents per gallon.

The lowest price in the state is $2.41 per gallon while the highest is $3.59 per gallon, a difference of $1.18 per gallon. The cheapest price in the entire country stands at $1.67 per gallon while the most expensive is $5.75 per gallon, a difference of $4.08 per gallon.

The national average price of gasoline has fallen 2.1 cents per gallon in the last week, averaging $2.58 per gallon. The national average is down 16.3 cents per gallon from a month ago, yet it stands 25.0 cents per gallon lower than a year ago.

“For now six straight weeks we’ve seen the national average price of gasoline decline, and af

ter last week’s escalation in the trade battle between the U.S. and China, it’s possible that the streak continues longer than previously anticipated as oil markets react to the news, sending oil lower,” Patrick DeHaan, head of petroleum analysis for GasBuddy commented.

“With Labor Day around the corner, motorists will see the cheapest end to the summer since 2016, a great send-off to wrap up the summer driving season, but more good news likely lay ahead for motorists. Gas prices will likely decline even more substantially starting in midSeptember as most of the nation begins the transition back to cheaper winter gasoline starting September 16. Fall will bring plenty of falling gas prices, so long as there remains turmoil between the U.S. and China,” DeHaan concluded.