March Ends with Lower Gasoline Prices in NY

The average price of retail gas in New York has decreased 2.3 cents a gallon during the past week to its current average of $3.87 per gallon, according to the latest market surveys. This is close to the current gasoline price average nationwide of $3.61 per gallon, which also reflects a decline of 1.9 cents during the past week, according to the gasoline price trackers.

Adding up the movement of the city’s gasoline prices over the previous week, the gasoline price today is lower by 19.8 cents compared to the same day last year and is down by 9.7 cents versus the past month. At the national level, the average price of gasoline has declined 10.3 cents a gallon during the past month and is 28.1 cents a gallon down versus the same day last year.

The prices of gasoline in March started strong but eventually became weaker. This is the first time in ten years that the prices of gasoline are lower at the end versus the beginning of March. According to the market data, the last time that this occurred was in 2003, when prices at the pump dropped 5 cents from the beginning to the end of the month. The figures show a record-breaking decline for the month of March as prices for this month usually end higher than to their level when the month begins.

According to market analysts, reasons for the decline include an ending of the refining sector’s annual “turnaround period” and declining demand forecasts.