Lockport gasoline averages fell by a penny this week to average at $2.308 per gallon, according to AAA East Central’s weekly Gas Price Report.
Of all of the states in the Mid-Atlantic and Northeast region, only New York and Vermont saw prices drop by one penny. On the week, gas stockpiles decreased by 2 million barrels and currently sit 5.6 million barrels below levels this time last year, according to the EIA.
This week’s average price for Lockport: $2.308
Average price during the week of July 3, 2017: $2.320
Average price during the week of July 11, 2016: $2.335
On the National Front
For the first time in five weeks, the national average gas price is increasing. At $2.26, today’s price has been moving higher since July 6 and is three cents more than last week. The moderate price surge follows a week of solid demand growth and a third straight week of gasoline inventory drawdowns across the country.
Of the states seeing jumps in gas prices, Indiana, Ohio, Michigan and Kentucky top the charts with double-digit increases. Thirteen states, mostly on the West Coast and in the Rockies, saw prices decrease by pennies. Across the country, consumers can find gas for $2.25 or less at 58 percent of gas stations.
Last week’s market losses continued into Monday morning, with West Texas Intermediate opening just below $44 per barrel. Last week’s EIA report showed encouraging trends for the market, revealing increased gasoline demand and a decrease in crude storage levels. Typically, this would lead the market to believe that increasing gasoline demand is beginning to drain the glut of crude that has kept prices low for most of the year. However, some new information has indicated that the glut of crude oil may be replenishing at a faster rate than expected, including an increase in U.S. oil rigs and an increase in oil production from Libya and Nigeria.
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.
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. Past 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