NY gasoline prices continue to drop, with further declines expected

The price of benchmark West Texas Intermediate oil averaged $45.46 per barrel last week, up 30 cents from the week before but about half of the price of a year ago.

Prices are down by 35.2 cents a gallon from last month’s average, and a $1.05 from past year . That’s also much lower than the national average from a year ago, when motorists were paying $3.64.

That Monday price was a full $1.20 below the average at this time in 2014. At this time last month, it was $2.63 a gallon. On the other hand, five states already have gas that averages less than $2 a gallon: South Carolina, Mississippi, Alabama, Louisiana and Tennessee.

The national average fell 3.7 cents per gallon to $2.29.

Two reasons for that: Lower prices in the fall when fewer Americans take long road trips, as well as dropping oil prices because of a large global supply.

Prices spiked in August following the shutdown of a major refinery in Indiana.

AAA Michigan surveys daily fuel prices at 2,800 gas stations across the state. “Almost 1 in 4 stations are now selling gasoline under $2/gallon, and it looks like that should only grow in the weeks ahead”, DeHaan said. Statewide the average price was $2.68, according to the website.