Current Gasoline Prices Begin to Drop in Long Island

The current gasoline prices in Long Island are falling as the crude price per barrel and fuel supplies increase on the East Coast.

In Suffolk and Nassau, the average gasoline price today is $4.004 per gallon of regular, a rate that is 3.7 cents lower from last week. The price of regular gas had increased from $3.762 per gallon on the 26th of December to its latest high level of $4.045 per gallon posted last February 26.

The prices of gasoline have increased because of several factors, including the rise in the prices of crude, the increase in global petroleum demand and the most recent outages and downtime at refineries for the purpose of maintenance.

The figures of the government show that the current international gasoline imports have increased, and a stage of seasonal maintenance is nearly completed by refineries, according to analysts.

Lipow expects a slow but steady fall in the prices of gasoline in the next two weeks as refineries come back from their maintenance period and bring in more supplies to meet the incoming demand during the summer season.

Brent crude, the oil variety used as an input for the majority of gasoline made in the East Coast, has declined from its latest high level of $118.90 to $111.06 per barrel.

The drop in the current gasoline price may be temporary. Gasoline demand is anticipated to seasonally rise as the spring comes. Moreover, refiners will start producing more costly summer-blend gas. The highest recorded rate of regular gas in Long Island was $4.34 per gallon posted in July of 2008, according to the AAA.