Lockport gasoline averages rose by about a penny this week to $2.377 per gallon, according to AAA East Central’s weekly Gas Price Report.
On average, consumers in the Mid-Atlantic and Northeast states are paying $2.36 a gallon – which is flat compared to last week. Only three states in the region saw gas prices increase. Notably, six states saw decreases.
Similar to its neighboring Gulf Coast region, the Mid-Atlantic and Northeast states saw a 1.4 million barrel build in gasoline inventory. This is attributed to a doubling of imports and refinery rates at a notable nearly seven percent increase.
This week’s average price for Lockport: $2.377
Average price during the week of August 7, 2017: $2.364
Average price during the week of August 15, 2016: $2.221
On the National Front
Today’s national average price for regular unleaded gasoline is $2.35 per gallon, which is flat on the week, nine cents more than one month ago, and 22 cents more than last year. Compared to seven days ago, gas prices are more expensive in 27 states, cheaper in 12 states and flat in 12 states. The West Coast, Rockies and Midwest regions are seeing the bulk of the increases at the pump.
After closing on the NYMEX at $48.82 per barrel on Friday, West Texas Intermediate started moving downward Monday morning amid concerns from investors that U.S. production will continue to add to the global crude glut. According to Baker Hughes, Inc., three oil rigs were added to the U.S. count last week, totaling 768, which is 372 rigs more than last year’s count at this time. Even with declining crude inventories giving the market greater confidence, the growing rig count remains a concern as it indicates that oil companies are still investing heavily in U.S. production.
Additionally, last week, the EIA published a report that pointed to a revised record gasoline demand for the week that ended on July 28. The demand figure for the week ending on August 4th noted a small pullback, but overall the last four weeks of gasoline demand have been on par with that of a year ago. If seasonal demand remains strong, drivers will potentially see prices continue to climb across the country.
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