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Gas Prices Plateau at 8 Month Low

Posted:
By Alex Howard (twitter:@alexhoward99).
February 29- Average retail gasoline prices in New York have fallen 1.3 cents per gallon in the past week, averaging $1.93/g yesterday, according to GasBuddy's daily survey of 6,118 gas outlets in New York. This compares with the national average that has increased 3.7 cents per gallon in the last week to $1.74/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in New York during the past week, prices yesterday were 60.5 cents per gallon lower than the same day one year ago and are 13.4 cents per gallon lower than a month ago. The national average has decreased 6.5 cents per gallon during the last month and stands 65.1 cents per gallon lower than this day one year ago.

Gasoline prices on February 29 in New York have ranged widely over the last five years:
$2.53/g in 2015, $3.70/g in 2014, $4.00/g in 2013, $3.96/g in 2012 and $3.57/g in 2011.

Areas nearby New York and their current gas price climate:
Syracuse- $1.83/g, flat from last week's $1.83/g.
Rochester- $1.89/g, down 1.4 cents per gallon from last week's $1.91/g.
Scranton- $1.87/g, down 1.5 cents per gallon from last week's $1.89/g.

"We knew it was inevitable. The 8-month decline in prices at the pump that brought the national average as low as $1.67 has come to an end," said Gregg Laskoski, senior petroleum analyst for GasBuddy. "The 'plateau' or pause in price movement is now behind us as we've had a full week in which the national average has climbed steadily. Some areas such as Southern California are weathering significantly higher increases as their refineries transition earlier from 'winter blend' to 'summer blend' production while Great Lakes states suffer from refinery run cuts. As expected, this is the beginning of the seasonal price climb and we'll have to wait and see if last week's rally for crude gains momentum to underscore the trend."

Courtesy of GasBuddy.com