Gas prices plunge as virus fears rise

Local averages Monday were 4 to 7 cents lower than a week earlier, mirroring the state and national trends.

The lone bright spot for consumers amid the coronavirus outbreak might be this: Fuel prices are plummeting.

Local averages Monday morning, according to GasBuddy.com, were $2.43 per gallon in Ulster County, down 4 cents from a week earlier; $2.56 in Dutchess County, down 7 cents; and $2.55 in Greene County, down 5 cents.

The New York state average Monday was $2.50 per gallon, down 8.7 cents from a week earlier, GasBuddy

reported. The national average fell a whopping 14.3 cents per gallon, to $2.22.

“Gas prices are plummeting in every town, city and state, with the national average seeing one of its biggest weekly declines in the last decade,” said Patrick

DeHaan, head of petroleum analysis for GasBuddy. “... The root cause continues to be coronavirus-related, since demand for oil slumped globally, inducing the current price war between Russia and Saudi Arabia, as they both

raise output, causing oil prices to crash through the floor . ...

“All good things may not last forever, however, as rumors swirl that Russia and

Saudi Arabia are holding high-level talks to reign in the collapse in oil prices, which could eventually end the party at the pump,” DeHaan added.

New York state’s average gasoline price Monday was 13.1 cents per gallon lower than a month and 15.1 cents lower than a year ago. The national average Monday was 21.2 cents per gallon lower than a month and 32.9 cents lower than a year ago.

Over the past five years, the average gasoline price on March 16 in New York state has been: $2.65 per gallon in 2019, $2.68 in 2018, $2.42 in 2017, $2.01 in 2016 and $2.60 in 2015.

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

“All good things may not last forever, however, as rumors swirl that Russia and Saudi Arabia are holding high-level talks to reign in the collapse in oil prices, which could eventually end the party at the pump.” — Patrick DeHaan, head of petroleum analysis for GasBuddy