Gasoline Prices Fall in NYC

New York’s average retail price of gasoline has decreased 3.5 cents a gallon last week, putting the state’s average gasoline price today at $3.83 per gallon, according to the daily poll of gasoline stations throughout the state. This average is higher compared to the nationwide average, which has shed 4 cents a gallon in the past week to reach the current gasoline price average of $3.58 per gallon, according to price tracking statistics.

Including New York’s gas price change in the previous week, the recent prices in the state were lower by 29.4 cents a gallon compared to the same day last year and 11.5 cents a gallon down versus last month. The nationwide average has dropped 9.3 cents a gallon over the past month and is currently lower by 32.8 cents a gallon compared to the same day last year.

Petroleum analysts and other experts have cited that the daily amount spent by Americans for gasoline at present is lower by $108 million compared to last year. Prices in almost all the nation’s metropolitan areas are cheaper right now than last year.

Overall, 300 of these regions saw lower quarter one gasoline prices compared to last year, with two of them posting no major change. More costly markets this year consist of areas in New York, Vermont, Pennsylvania and Massachusetts. The most costly market in the nation is in Honolulu. However, the current price in the area is only 3 cents higher compared to last year’s rate.

By: Chris Termeer

Chris Termeer

Chris Termeer is an oil and gas consultant, industry commentator and analyst. His book, Fundamentals of Investing in Oil and Gas provides a comprehensive overview of all aspects of the oil and gas industry, including exploration, drilling, production, storage, transportation and refining, to name but a few.

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