Lockport gasoline averages rose by about almost four cents this week to $2.412 per gallon, according to AAA East Central’s weekly Gas Price Report.
Gas prices are cheaper in all states in the Mid-Atlantic and Northeast on the week with the exception of New York where gas prices remained stable. The price drop goes hand-in-hand with the region’s latest gasoline inventory trend. For a second consecutive week, the region saw the sizeable build (800,000 bbl) in gasoline inventory. Total inventories sit at 64.8 million bbl, about five million less than this time last year, according to Energy Information Administration (EIA) data.
This week’s average price for Lockport: $2.412
Average price during the week of August 14, 2017: $2.377
Average price during the week of August 22, 2016: $2.211
On the National Front
At $2.33, the national gas price average is two cents cheaper than a week ago. Consumers in most Midwest, East Coast and Southern states are paying, on average, two cents less on the week, while most West Coast and Rockies states are seeing pump prices increase on average by three cents. Today’s national average is five cents more than a month ago and 17 cents more expensive than a year ago.
At the end of last week, the price per barrel of West Texas Intermediate stayed below $50 – settling at $48.51. On Monday morning, prices appeared to be falling due to a weak dollar and continued worries about high crude oil inventory levels.
As gas prices continue to fluctuate across the country, growth in gasoline production combined with record-breaking high refinery runs continues to drive the country’s already relatively high gasoline inventories even higher. The EIA reports that despite growing domestic and foreign demand, today’s national gasoline inventory levels sit at 231 million bbl and remain higher than the previous five-year average.
As a result, market observers will look toward this week’s EIA report to see if the trend continues, noting that gasoline demand along the path of today’s solar eclipse may help boost numbers. Drivers in the viewing pathway may see prices spike due to high demand.
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