New York gas prices have fallen 2.5 cents per gallon in the past week, averaging $2.83 per gallon on Monday, according to GasBuddy’s daily survey.
The most-posted price per gallon for regular gasoline in Olean was $2.85 on Monday.
Gas prices in New York are averaging 3.9 cents per gallon lower than a month ago, yet stand 15.7 cents per gallon lower than a year ago.
According to GasBuddy price reports, the cheapest station in New York was priced at $2.51/g on Monday, while the most expensive was $4.09/g, a difference of $1.58/g. The cheapest price in the entire country stood at $1.82/g while the most expensive was $5.49/g, a difference of $3.67/g.
The national average price of gasoline has fallen 6.8 cents per gallon in the last week, averaging $2.63/g on Monday. The national average was down 15.9 cents per gallon from a month ago, yet stands 21.7 cents per gallon lower than a year ago.
“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,” says 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.”
That possibility pushed oil back up $3 per barrel from the lows seen last week, DeHaan says. Even with a production cut, he says oil markets have plenty of downside ahead as demand for fuels will move lower into the fall with summer driving season ending soon.
“The U.S. national average could fall an additional 35 cents per gallon by Thanksgiving,” DeHaan says, “even after this week’s drop should the trade tensions and geopolitical risks remain the same.”
Some other prices in Upstate New York:
- In Buffalo, $2.80/9, down a penny since last week; in Syracuse, $2.66/g, down 4.5 cents per gallon from last week’s $2.71/g; and in Rochester, $2.77/g, down 1.7 cents per gallon from last week’s $2.79/g.
- In Pennsylvania, Bradford’s price stood at $2.90/g, while in Pittsburgh the price stood at $2.932/g.