Your Stories Q&A: Gas prices slowly dropping in N.Y., but for how long?

SYRACUSE, N.Y. (WSYR-TV) — The Your Stories Team is not tapping the brakes when it comes to keeping you up to date on gas prices.

According to AAA, the average price for a regular gallon of gas here in New York is $3.46. That’s down about six cents in one month.

While gas prices continue to take a big bite out of family budgets, we’re not paying anywhere near what we were this time last year, when the average price in New York was $4.45, according to AAA.

Patrick De Haan, Head Petroleum Analyst for GasBuddy, said one reason gas prices are currently on the slow decline and not climbing in N.Y. is due to the import market improving. He said our region relies heavily on imported fuel.

De Haan said he feels prices here at home are close to bottoming out before going back up as we head into spring break travel and the warmer months when the region switches over to summer gasoline.

Will we hit the $4 a gallon mark?

In early February, De Haan told the Your Stories Team that the country could hit the $4 a gallon mark sooner than first forecasted. He said then, it was possible we could be paying $4 a gallon by late March or April.

As he always does, De Haan cautioned in February his predictions could change if economic and other conditions changed.

“There’s a lot of volatility, a lot of unknown with the economic news, especially as China is starting to reemerge from COVID and now we have US economic concerns in the terms of the regional banks. That could pressure the Feds to lower interest rates. There’s a lot going on, it’s impossible to see how it’s all going to play out,” De Haan said.

De Haan said, given the current conditions, we may not return to the $4 mark we saw much of last year. He said if we do, it likely won’t be until May.

“I think the thing that seems very likely is that we will be paying much less at the pump this summer than we were last summer,” De Haan said.

According to AAA, New York hit a record last June, with an average gallon price topping out at $5.04.