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June 18, 2014

Of Interest: June 18, 2014

Gas prices higher around New York

NEW YORK — Average retail gasoline prices in New York have risen 0.9 cents per gallon in the past week, averaging $3.86a gallon on Sunday, according to GasBuddy's daily survey of 6,118 gas outlets in New York.

This compares with a national average that has increased 1.8 cents per gallon in the last week to $3.65 a gallon, according to GasBuddy.com.

Prices Sunday were 13.9 cents per gallon higher than the same day one year ago and are 0.5 cents per gallon lower than a month ago. The national average has increased 2.6 cents per gallon during the last month and stands 3.7 cents per gallon higher than this day one year ago.

"The national average has stayed relatively flat for the last month, but that appears to be over, as the escalating situation in Iraq takes hold and drives crude oil and retail gasoline prices higher," GasBuddy.com Senior Petroleum Analyst Patrick DeHaan said in a news release.

"Motorists in some areas of the country have already seen slight price increases, and although the situation is still in its early stages, motorists should be ready for higher gasoline prices if the situation in Iraq threatens the ability of Iraq to export crude oil.

"While the U.S. only receives about 300,000 barrels of Iraqi crude per day, the concern is about the other 3 million or so barrels per day that Iraq pumps, which could be at risk of disruption. It's that perceived threat that may cause the national average this week to rise 3 to 6 cents per gallon.

The bigger picture here is that the timing of the situation in Iraq could threaten the possibility that motorists see lower prices this summer, as we had anticipated in our much earlier forecasts."

 

 

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