Goes to Show, You Never Know…Gas Prices Atypically Declining as Summer Season Begins

Average retail gasoline prices in New York have fallen 4.0 cents per gallon in the past week, averaging $3.86/g Monday. This compares with the national average that has fallen 3.6 cents per gallon in the last week to $3.65/g, according to gasoline price website NewYorkStateGasPrices.com.

Including the change in gas prices in New York during the past week, prices yesterday were 13.8 cents per gallon lower than the same day one year ago and are 21.2 cents per gallon lower than a month ago. The national average has decreased 15.7 cents per gallon during the last month and stands 13.4 cents per gallon lower than this day one year ago.

“Summer driving season has officially begun with the national average falling far lower than we expected it earlier this year,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “The national average has dropped to a surprising $3.65/gal mark as of today. Had you asked me back in January if the national average would have been that low on Memorial Day, I would likely have chuckled, but it goes to show anything is possible,” DeHaan said. GasBuddy forecast back in January that the national average would peak between $3.75-$4.15/gal. The national average peaked at $3.92/gal on April 5, far sooner than many analysts, including DeHaan, expected it to occur.