Prices at the gas pump dropped a cent in New York over the past week, but motorists planning on traveling for the Fourth of July will see a four-year peak in prices during the holiday.
With one of the busiest travel holidays just days away, statewide gas prices dropped a cent over the week, though national prices are up two cents from a week ago, up to an average of $2.86 per gallon.
At $2.86, national gas prices are at their highest point in four years for an Independence Day holiday, AAA officials noted. Despite the higher prices, a record-breaking 47 million Americans are expected to travel 50 miles or more between July 3 and July 8, including 40 million who are expected to drive.
In New York, the average price per gallons is still among the highest in the nation at an average of $3.01 per gallon. That is down a cent in a week and eight cents from a month ago. The average price per gallon a year ago in the Empire State was $2.42.
“National gas prices have remained steady for the past 10 days, which suggests demand is keeping pace with supply, according to AAA Northeast spokesperson Fran Mayko. “This, in turn, is stabilizing summer gas prices for the time being. However, higher crude oil prices and other global issues could tilt prices higher by fall.”
Nationally, prices are down one cent from a week ago and 10 cents from a month ago. The average price per gallon of $2.86 is up 63 cents from a year ago.
Mayko said that “several factors have the potential to impact pump prices this summer: dropping inventories, higher crude prices, greater demand, and various global issues in Libya, Venezuela, and Iran. These factors may bump up national prices to $3 a gallon, especially if crude oil continues to sell over $70 a barrel.”
“The national gas price average has held fairly steady for the past 10 days, suggesting that U.S. demand is keeping pace with supply and stabilizing summer gas prices,” AAA spokesperson Jeanette Casselano noted. “However, elevated crude oil prices and other geopolitical concerns could tilt gas prices more expensive in the early fall despite an expected increase in global crude production from OPEC and its partners.”
Click here to sign up for Daily Voice's free daily emails and news alerts.