UTICA, N.Y. (WIVT/WBGH) – New York gas prices are continuing to decline as oil prices flirt with three-year lows.
According to AAA Northeast, pump prices are continuing to drop sharply as inventories grow and demand shrinks to post-summer levels.
AAA says many economists are expecting global oil and gas demand to remain weak throughout the end of the year as prices are expected to keep falling if the current trends continue.
According to AAA’s September 16 survey, the average gas price in New York is down six cents from last week, averaging $3.36 per gallon. Today’s price is 18 cents lower than a month ago ($3.54) and 55 cents lower than a year ago ( $3.91) .
New York’s average gas price is 16 cents higher than the national average.
“Domestic refiners are producing more gasoline than the market can swallow and that means pump prices could soon reach lows not seen in years,” said Patti Artessa, Director of Public Affairs Outreach, AAA Northeast. “Aside from a major hurricane threatening the Gulf Coast, or an escalation in geopolitical tensions, the market is poised to keep pointing down.”