Gas Price takes a dip as predicted

FROM GASBUDDY.COM

Average retail gasoline prices in New York have fallen 2.9 cents per gallon in the past week, averaging $3.85/g Monday, according to GasBuddy’s daily survey of 6,118 gas outlets in New York. This compares with the national average that has fallen 3.3 cents per gallon in the last week to $3.57/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in New York during the past week, prices yesterday were 7.2 cents per gallon lower than the same day one year ago and are 5.2 cents per gallon lower than a month ago. The national average has decreased 10.7 cents per gallon during the last month and stands 10.4 cents per gallon lower than this day one year ago.

“As expected, motorists continue to see average gasoline prices falling across much of the United States,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “While the chorus is loud, some states in the Great Lakes did see a price jump last week, and as crazy as it sounds, it was due to retail prices falling faster than wholesale prices, likely spurred on by intense competition as prices dropped. Outside of the Great Lakes, prices have been gently falling in the last week- in every state but Wyoming, Ohio, and Indiana, but prices have begun moving lower again in the latter two, while Wyoming prices remain a bit difficult to forecast due to Wyoming’s rural geography and low demand. Typically, price changes are felt slower in the Rockies because of lower demand provides a week or several buffer against changes in price taking place nationally,” DeHaan said.

In all, 13 states saw average prices decline more than 5c/gal. To see the complete list, visit http://media.gasbuddy.com/#BiggestMovers