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Average LI gas price drops to $3.83 a gallon

LI gasoline prices dropped 7 cents in the

LI gasoline prices dropped 7 cents in the past week to $3.83 a gallon. Credit: AP

Long Island gasoline prices dropped 7 cents in the past week to $3.83 a gallon.

Regular gasoline averaged $3.829 in Nassau and Suffolk counties Monday morning, according to a survey done for AAA. The new average is 22 cents lower than a year ago, when regular was $4.047 a gallon.

The last time regular sold for $3.829 was Sept. 28.

The decline came as the price of benchmark U.S. oil fell $7.63, or 8.4 percent, last week as gloomy economic data from the U.S., China and Europe raised questions about the strength of demand for oil and other energy-related products. Oil prices recovered slightly on Monday, with benchmark U.S. oil closing up 75 cents to $83.98 per barrel in New York.

The AAA survey is based on the lowest price available at service stations that charge less for cash than credit card purchases.

Last year, the local average for regular gasoline peaked on May 12 at $4.284, then fell to $3.541 on Dec. 26 before climbing again.

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