Week begins with low prices at the pump

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SAN RAFAEL, CA – FEBRUARY 22: Gas nozzles hang on their pumps at a Union 76 gas station February 22, 2008 in San Rafael, California. Gas prices surged to their highest level since June 2007 with the price of a gallon of regular unleaded increasing 2.9 cents in the past day to bring the national average to $3.115 a gallon. Despite oil trading above $101 a barrel this week, gas supplies are at their highest levels in 14 years. (Photo by Justin Sullivan/Getty Images)

ALBANY, N.Y. (NEWS10) – Monday morning, the national average price for a gallon of gasoline is $2.56, down a penny from last week, according to AAA.

The New York State average is $2.74 – down three cents from last week.

With the fall driving season on the horizon, lower demand — even amid reduced stock levels – will likely help to push pump prices lower. Winter blend fuel is also cheaper to produce.

At the close of Friday’s formal trading session, oil prices settled at $56.52 – up slightly. Oil prices started the day lower due to continued market concerns over the U.S.-China trade war.

If crude inventories remain high, especially as gasoline demand drops with the fall driving season, pump prices could be as cheap as $2.40 this fall.

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