The average price of regular gasoline in Lockport dropped by almost one cent this week to $2.547 per gallon, according to AAA East Central’s weekly Gas Price Report.
Gas prices are $2.50 or more in 11 Mid-Atlantic and Northeast states, including New York ($2.64). Motorists in every state in this region are paying more on the week. Gasoline inventories sit at 59.2 million barrels, and saw a small increase on the week (335,000 barrels).
This week’s average price for Lockport: $2.547
Average price during the week of December 26, 2017: $2.552
Average price during the week of January 3, 2017: $2.422
On the National Front
At $2.49, the national gas price average is the most expensive seen at the start of a new year since 2014, when gas prices were more than $3/gallon. High travel volumes over the holidays drove gas prices up five cents on the week. At the start of 2018, motorists in the Northeast, South and the upper Midwest are seeing pump prices as much as 13 cents more expensive than one week ago.
The latest Energy Information Administration report measures gasoline demand at a strong 9.5 million b/d, which is typical of the holiday season. However, historical data shows that in early January demand typical drops and stays below the 9 million mark for the first few months of the year.
On Friday, the final day of trading for 2017, West Texas Intermediate closed 58 cents up, reaching its highest price of the year: $60.42 per barrel. Moving into 2018, prices are expected to continue rising as OPEC’s production reduction agreement will remain in place for the entirety of the year.
In 2018, U.S. crude production is expected to hit 10 million b/d for the first time ever, helping the country to meet domestic demand and expand its export prowess to countries that have growing energy demands around the globe. The total number of active rigs, 747, is 222 more than the total active number of rigs at the beginning of 2017.
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. 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