Gas prices in Jamestown held steady at $2.761 per gallon this week, according to AAA East Central’s Gas Price Report.
Motorists across the Mid-Atlantic and Northeast region are enjoying cheaper gas prices on the week, where local areas saw prices drop 1-2 cents. However, compared to one month ago, gas prices on average are 7 cents more expensive across the region. Moreover, New York ($2.76) remains among the nation’s top ten most expensive markets.
With a 1.6 million barrel build, regional gasoline inventories register at 65 million barrels. According to the Energy Information Administration (EIA), that is the largest increases of any region in the country. However, large inventory builds may not be common as Phillips 66 Bayway refinery turnaround is underway through at least this month and will reduce capacity temporarily.
This week’s average price for Jamestown: $2.761
Average price during the week of February 5, 2018: $2.759
Average price during the week of February 13, 2017: $2.496
On the National Front
At $2.58, the national gas price average has decreased for the first time week-over-week this year. Today’s price is 3 cents less than last week, 6 cents more than a month ago and 30 cents more than a year ago
Consumer gasoline demand and gasoline inventories increased according to the latest EIA reports. Hitting its highest level this year, gasoline demand registered at 9.1 million b/d, a 169,000 b/d increase year-over year. Total U.S. gasoline inventories built by 3.4 million barrels to total 245.5 million, which sits about 1.4 million above the five-year average.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped by nearly $2 to settle at $59.20. Price gains made throughout January, which saw a closing high of $66.27, were wiped away after trading last week. Last week’s losses, which were buoyed by a strengthening dollar, may continue into this week after EIA’s latest weekly petroleum report revealed that U.S. crude production hit 10.25 million b/d – a new record weekly production rate.
A sign of potentially explosive growth in U.S. crude production, the latest Baker Hughes, Inc. report found the active oil rig count in the U.S. grew by 26 new rigs last week to total at 791. This is the highest number of active rigs since April 2015, and it will likely push production to even higher levels later this year.
Motorists can find current gas prices along their route at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 81 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