Gas prices drop in Mid-Hudson Valley

Gasoline prices dropped over the last week in the Mid-Hudson Valley, New York state and the nation, according to GasBuddy. com.

Locally, according to GasBuddy, average prices Monday mid-afternoon were $2.714 per gallon in Ulster County (down 6 cents from a week earlier), $2.87 in Dutchess County (down 3 cents), $2.79 in Greene County (down 4 cents) and $2.69 in Columbia County (down 6 cents).

The statewide average Monday was $2.85 per gallon, down 4 cents from a week earlier, GasBuddy reported. The national average was $2.63 per gallon, down 6.8 cents.

“The national average price of gasoline has now fallen to the lowest level of the summer, but even better, the lowest since March as gas stations pass along the recent drop in oil prices brought on by the U.S./ China trade rift,” said Patrick DeHaan, head of petroleum analysis at GasBuddy.

“However, the drops in gas prices could slow in the weeks ahead as some OPEC members talk about cutting oil production to stem the recent drop in oil prices,” DeHaan said. “That possibility pushed oil back up $3 per barrel from the lows seen last week. However, a production cut from oil producers may be more akin to putting lipstick on a pig as oil markets have plenty of downside ahead as demand for fuels begins to move lower into the fall with summer driving season ending soon.”

New York state’s average gas price Monday was 3.9 cents per gallon lower than a month earlier and 15.7 cents lower than a year ago. The national average Monday was 15.9 cents per gallon lower than a month ago and 21.7 cents lower than a year ago.

Average gasoline prices on Aug. 12 in New York have ranged widely over the last five years: $2.99 per gallon in 2018, $2.45 in 2017, $2.29 in 2016, $2.78 in 2015 and $3.77 in 2014.

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