Iran sanctions could stymie gas price drop

KINGSTON, N.Y. >> The average retail price of gasoline in New York state fell 2.1 cents per gallon last week to settle at $2.93 on Sunday, according to GasBuddy.com.

In the Mid-Hudson Valley, according to GasBuddy, average prices midday Monday were $2.87 per gallon in Ulster County (unchanged from a week earlier), $2.96 in Dutchess County (down a penny), $2.90 in Greene County (unchanged) and $2.82 in Columbia County (down 18 cents, after jumping 10 cents the week before).

The national average Sunday was $2.73 per gallon, down 7 cents from a week earlier.

“Motorists [nationwide] have just enjoyed the largest one-week decline in average gas prices in 2018, with the national average falling to its lowest level since April,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Oil markets have been weak as refinery maintenance season has slowed down crude oil inputs, leading to oil inventories that have risen noticeably.

“In addition, jitters over the economy and stock market have helped to push values down,” DeHaan said. “But beware — any politician taking credit ahead of the elections is absolutely pulling your leg. We should see prices move lower yet again, but this behavior is par for the course every autumn. In addition, sanctions on Iran were [just] reimposed ... [and] while some countries that import oil from Iran have waivers, those waivers may be temporary, so the drop at the pump may not continue indefinitely.”

New York state’s average gas price Sunday was 6.6 cents per gallon lower than a month ago but still 26.5 cents higher than a year ago. The national average stands 17.7 cents per gallon lower than a month

20.9 cents higher than a year ago.

Average gasoline prices on Nov. 5 in New York have ranged widely over the last five years: $2.66 per gallon in 2017, $2.39 in 2016, $2.34 in 2015, $3.32 in 2014 and $3.53 in 2013.

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