Lockport gasoline averages rose by a penny this week to $2.316 per gallon, according to AAA East Central’s weekly Gas Price Report.
Almost every state in the Mid-Atlantic and Northeast region saw prices increase on the week, including New York (+2 cents). On average, gas prices increased by three cents in the region on the week.
The increase in price is in-line with the nearly 2 million barrel draw in gasoline stock in the region on the week. Stockpiles dropped to 62 million, which is an eight million barrel deficit year-on-year, according to the EIA.
This week’s average price for Lockport: $2.316
Average price during the week of July 17, 2017: $2.307
Average price during the week of July 25, 2016: $2.307
On the National Front
The bulk of the country is seeing more expensive gas prices on the week; 39 states saw prices increase on average by three cents – a major swing from last week when only nine states posted more expensive gas prices on the week. At $2.28, the national gas price is three cents more than a week ago, which is the largest seven-day increase since before Memorial Day.
According to the Energy Information Administration (EIA), gasoline stocks took their largest dip for the first time in five weeks, bringing levels down to 231 million barrels. That is a 10 million barrel deficit year-on-year and a factor in prices at the pump increasing.
On the U.S. inventory and oil rig count fronts, weekly decreases only show incremental downward movement, while the overall numbers still remain very high when compared to historical data. Unless these numbers take a more pronounced nosedive, they will still depress crude prices. In the meantime, as the numbers get closer to this season’s steady, strong demand for refined products, such as gasoline, drivers are likely to see prices continue to move up.
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