Gas Prices: Dips and Swings in the Metro Area

The U.S. average price of $2.28 per gallon on Saturday is up a little from the beginning of the week, lower than at the beginning of the month — and 58 cents higher than this time last year, according to AAA's Feb. 18 Gas Price Report.

With an average price of $2.48, New York remains one of the most expensive states to buy gas.

As usual New York City metro area prices are much higher, with an average of $2.63, just three cents lower than at the beginning of the month (and compare that to last year's average price of $2.059).

The OPEC countries did agree to cut production, and that did go into effect Jan. 1.

But, the U.S. Energy Information Administration figures showed that demand for gas last month was down 6 percent from January 2016 — at its lowest standing for the first month of the year since 2012.

And there's lots of oil around due to increased U.S. drilling and production, according to AAA. Over the past week the U.S. added eight more oil rigs, bringing the total count to 591, which is the highest number since October 2015, AAA said.