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Relief In Sight? New York Gas Prices Fall For First Time In Months

The average gas price has fallen for the first time nationally in three months.
The average gas price has fallen for the first time nationally in three months. Photo Credit: http://news.jrn.msu.edu/

After gas prices reached their highest point in nearly five years over Memorial Day Weekend, there may be some relief in sight for motorists in the tristate area.

The national price of gas has dropped - albeit just three cents - to an average of $2.94 per gallon, the first drop in three months, according to AAA, though prices in the region remain amongst the highest int he country.

Despite the modest drop in price per gallon, motorists will still see relatively high prices, unlike last year, when the average price was $2.37 nationally.

“Nearly 80 percent of Americans say the price of gasoline is too high at $3 per gallon. So it’s welcome news for motorists to see gas price averages decrease in 33 states on the week,” Jeanette Casselano, AAA gas price expert stated. “Crude oil prices are falling, but it likely won’t be enough to drop gas prices more significantly this summer.”

Officials said that “in the coming weeks, prices may be affected further by OPEC’s possible decision to lift supply limits under a 2017 agreement with its partners. That agreement, an attempt to balance the global market, expires at year’s end. However, cartel members may decide to lift those limits before the agreement expires.”

That decision is expected on June 22.

The average price per gallon is up 57 cents from a year ago and 13 cents from a month ago. The tristate area is still one of the most expensive places to buy gas in the country, with an average of $3.09 in New York and $3.14 in Connecticut, both down a cent from a week ago.

According to an AAA New York spokesman, the price has been affected by multiple factors, including the price of crude oil overseas and an increase in demand nationwide. It also comes at a time when refineries begin the process of transitioning from a winter blend of gasoline to a more eco-friendly, expensive, summer blend during the busiest driving season of the year.

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