New York gas prices have fallen 2.7 cents per gallon in the past week — but analysts are watching how an attack on Saudi Arabian oil production could drive up the market.
New York’s average was $2.72 per gallon Monday, according to GasBuddy’s daily survey. Gas prices in New York are 10.0 cents per gallon lower than a month ago, and stand 25.5 cents per gallon lower than a year ago.
According to GasBuddy price reports, the cheapest station in New York was priced at $2.37/g Monday, while the most expensive is $4.09/g, a difference of $1.72/g.
In Olean, the most-posted price was $2.81/g.
Some other prices in New York:
In Syracuse, $2.50/g, down 2.2 cents per gallon from last week’s $2.53/g; Rochester, $2.66/g, down 3.9 cents per gallon from last week’s $2.69/g; and Buffalo, $2.69 (down 2 cents since last week).
In Pennsylvania, a recent price in Bradford was $2.87/g, while in Pittsburgh it was $2.81/g.
“While gas prices have drifted lower for the ninth straight week, all eyes now turn to Saudi Arabia after an attack that knocked out over 5% of global oil production and how oil prices are likely to jump as a result,” says Patrick DeHaan, head of petroleum analysis for GasBuddy. “While there is some good news that motorists should not expect a sudden and major uptick in gas prices, there may be a minor impact beginning mid-week and continuing until Saudi Arabia’s state-owned oil company, Aramco, is able to restore all production.”
However, DeHaan says, even after oil production levels return to normal, there is “an undeniable factor” that Saudi Arabia’s reliability and stability is no longer guaranteed.
“Motorists should stay tuned ... but for now, we are not expecting this attack to lead to major price hikes,” he says. “While the situation may change with Saudi Arabia, motorists are now able to fill up with cheaper winter gasoline and demand continues to seasonally weaken, perhaps softening the blow and impact of the attacks on gas prices.”