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Gas prices trending lower as summer winds down

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It's been a summer of savings for motorists. A new study indicates motorists have spent $18.9 billion less at the pump this summer compared to  2015.

The study was conducted by Gas Buddy, which tracks pump prices around the country.

"Gas prices on average this summer have been their lowest since 2004," said senior petroleum analyst Patrick DeHaan.

"Anyway you cut it, gas prices are the lowest they've been in a long time for one of the busiest traveling holidays of the year."

The national average for a price of unleaded gasoline stands at $2.24. The New York State price is 11 cents higher. It's a far cry from two years ago when the average bulged to $3.58. In the summer of 2011, that price was $3.64.

"A lot of the reasons for low gasoline prices we can trace back to the price of oil which has remained well below what it was a few years ago," DeHaan said.

"The low price of oil has been opening the door for cheaper gasoline."

According to Gas Buddy, global politics contribute to the trend. In late  2014, Saudi Arabia committed to ramping up oil production, starting a downturn in gas prices.  That downturn accelerated when Iran, free from sanctions, boosted its oil production. 

If tradition holds, more good news could be on the way for consumers. Following Labor Day, the summer driving season ends. The lower demand usually is followed by lower prices at the pump.