Gas prices fall

The prices of gas continues to fall across Long Island, with the average retail gasoline price down 4.2 cents per gallon in the past week. The weekly average is $2.06 per gallon as of last Sunday according to GasBuddy’s daily survey of 1,158 gas outlets in Long Island. Tthe national average has fallen 6.5 cents per gallon in the last week to $1.82 per gallon according to GasBuddy.com.

As of last Sunday prices were 29 cents per gallon lower than the same day one year ago and are 17.3 cents per gallon lower than a month ago. The national average has decreased 17.5 cents per gallon during the last month and stands 20 cents per gallon lower than this day one year ago.

“As the Northeast digs out from the brutal blizzard, commodities markets are attempting to dig themselves out of their recent hole,” said Will Speer, a GasBuddy senior petroleum analyst. “Crude oil futures have lost 18% of value since the end of 2015 and have cleared the way for the retail gasoline price decline. Ample supply has been attributed as the cause of prices falling at the pump. Gasoline inventories sitting at 245 million barrels are the highest the U.S. has seen since March 1990,” he said.