Lockport Gas Prices Steady, While Nationwide Trend Bucks Seasonal Norms

Lockport New York, Gas Prices
Filling up Insight by Celeste Lindell
Photo by Celeste Lindell https://www.flickr.com/photos/averagejane/ https://creativecommons.org/licenses/by/4.0/

The average price of regular gasoline in Lockport is holding this week at $2.988 per gallon, according to AAA East Central’s weekly Gas Price Report.

States in the Mid-Atlantic and Northeast region are seeing fluctuation on the week.  For most states, that means small jumps or declines of a few pennies (New York prices remain unchanged). 

With the addition of 1.6 million barrels, gasoline inventories sit at their highest level (67.4 million)  for the Mid-Atlantic and Northeast this year.  The large increase helped to minimize gas price increases for most states.  The last time levels exceeded the 67.4 million barrels was mid-June 2017.

This week’s average price for Lockport:  $2.988
Average price during the week of September 24, 2018:  $2.989
Average price during the week of October 2, 2017: $2.679

On the National Front
Despite gasoline demand dropping to 9.0 million b/d and inventories growing to 235.7 million barrels, according to the latest Energy Information Administration (EIA) data, the national gas price average has increased three cents on the week to land at $2.88 – a pump price not seen at the national average since mid-July. 

This time of year, motorists are accustomed to seeing prices drop steadily, but due to continued global supply and demand concerns as well as very expensive summertime crude oil prices, motorists are not currently seeing much relief at the pump yet.  Today’s national gas price average ($2.88) is the most expensive for the beginning of October since 2014.  The average is four cents more than a month ago and 32 cents more than a year ago.

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased $1.13 to settle at $73.25.  Crude prices rallied last week due to concerns around the impact of U.S.-imposed sanctions on Iran and economic collapse in Venezuela on global crude supply this fall.  The increase in crude prices occurred despite inventories increasing to 396 million barrels last week after five consecutive weeks of decline, according to EIA’s report for the week ending on September 21.  Domestic crude inventories are now roughly 75 million barrels lower than were they were at this time last year.

Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.

AAA East Central is a not-for-profit association with 80 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.  News releases are available at news.eastcentral.aaa.com.  Follow us on Twitter and Facebook.

For More Information, Contact:
Jim Garrity, Public & Community Relations Manager
Desk: 412-365-7274 / Cell: 412-905-9021 / Email: Garrity.James@aaaec.com

-AAA-